Question

Indicate the category of income under the income tax act into which each of the following...

Indicate the category of income under the income tax act into which each of the following items falls: 1: Directors fees received by an individual. 2: Receipt of alimony (spousal support) payments 3: Dividends received from a foreign corporation 4:Loss from a loan to a small business corporation 5: Gain from the sale of shares of a public corporation 6: Gain on the scale of an automobile purchased for resale.

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Answer #1

Solution

Particulars Category

1: Directors fees received by an individual Income from Salary

2: Receipt of alimony (spousal support) payments Exempt (Assumed as received from already taxed income)   

3: Dividends received from a foreign corporation Income from other sources

4: Loss from a loan to a small business corporation Income/Loss from Business and Profession

5: Gain from the sale of shares of a public corporation Capital Gains

6: Gain on the scale of an automobile purchased for resale Income/Loss from Business and Profession

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