2. Catherine receives $12,000 from Linda and repays it by paying $5,000 at the end of 2 years and $10000 at the end of 4 years. Compute the rate of return. (A) 6.9895 (B) 7.9895 (C) 8.9895 (B) (C) (D) (三) (D) 9.9895 (E) None of the above

1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving accountand earned interest on the savings account, the interest received by John would notbe taxable.a) Falseb) True2. Specifically included in John’s Gross Income should be any amount, excluding allvoluntary award, received or accrued in respect of services rendered or to berendered.a) Trueb) False 3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. Hehas lived his whole life in Namibia and has never left the country. Desmond is alsothe owner of a house located a few kilometres outside Okahandja. After his death inJanuary this year, Desmond’s grandson, Dion, inherited the house. The house wasvalued at N$ 2 500 000 by an independent real estate evaluator. After facing cashflow problems, Dion decided to sell the house for N$ 2 000 000 during the sameyear. Will the proceeds from the sale of house by Dion be considered of incomenature?a) Trueb) False 4.24. Lisa Kutako, a property developer…

Jose owned Pedro the sum of P 5,000 due on Dec. 31, 1975 and P 6,000 due on Dec. 31, 1998. However Jose was unable to pay as agreed and was allowed to make a payment of P 8,000 on Dec. 31,2000 and a final payment of P 5,380 on Dec. 31, 2001. Determine the annual rate of interest on this payment?

26.Gina receives a $2,900 distribution from her educational savings account. She uses $1,500 to pay for qualified higher education expenses and $1,400 on a vacation. Immediately prior to the distribution, Gina’s account balance is $5,000, $3,000 of which is her contributions. What is Gina’s taxable income (after any exclusion) from the distribution? $1,400 $560 $840 $0 27. Which of the following is correct for Qualified Tuition Programs (Section 529 plans)? Contributions are deductible, and qualified educational expense distributions are tax free. Contributions are not deductible, and qualified educational expense distributions are tax free. Contributions are deductible, and qualified educational expense distributions are taxable. Contributions are not deductible, and qualified educational expense distributions are taxable.

N4    Samuel invested $10,000 a year into his retirement plan from his before tax earnings (that is, he received a deduction for these contributions and was not taxed on the income). His employer contributed $5,000 a year to Samuel’s retirement fund. After 30 years of contributions, Samuel retires and receives a distribution of $900,000, the balance in his retirement fund. Samuel must include what amount in gross income? Group of answer choices $ 0 $450,000 $600,000 $900,000

Suppose Ryan receives a CRA instalment reminder for the first quarter of the current year in the amount of $2,700. Ryan does not make any instalment payments during the current year. Ryan will not owe interest for a late instalment Choose the correct answer. O A. if Ryan has little to no income in the current year and his estimated taxes owing is $0 O B. if his taxes owing for the current year are $6,400 and his taxes owing for the previous year were $5,400 O C. if his taxes owing for the current year are $7,400 and his taxes owing for the previous year were $8,400 O D. regardless of any other facts

Required information [The following information applies to the questions displayed below.] Clyde is a cash-method taxpayer who reports on a calendar-year basis. This year Paylate Corporation has decided to pay Clyde a year-end bonus of $1,000. Determine the amount Clyde should include in his gross income this year under the following circumstances. (Leave no answer blank. Enter zero if applicable.) b. Paylate Corporation mistakenly wrote the check for $100. Clyde received the remaining $900 after year-end. Amount to be included in gross income

Accounting please provide explanation Alice, a widow, elected to receive the proceeds of a $70,000 face value life insurance policy on the life of her deceased husband in 10 annual installments of $8,000 each beginning in 20X4. Of the $8,000 received in 20X4, the amount not subject to income tax is: a. $1.000 B.$7,000 C.$8,000 d. $0 e. None of the answers provided is correct.

Required information [The following information applies to the questions displayed below.] In January of year 0, Justin paid $8,800 for an insurance policy that covers his business property for accidents and casualties. Justin is a calendar-year taxpayer who uses the cash method of accounting. What amount of the insurance premium may Justin deduct in year O in each of the following alternative scenarios? Note: Leave no answers blank. Enter zero if applicable. d. Instead of paying an insurance premium, Justin pays $8,800 to rent his business property from April 1 of year 0 throug March 31 of year 1. Deductible amount

10. Eileen pays $14,000 of interest related to her purchase of investments. During the current year, Eileen's adjusted gross income is $80,000, which includes investment-related income of $9,000. Determine whether the interest is deductible, how it would be deducted on the taxpayer's return (if there are alternatives possible, discuss the conditions that would determine the treatment), and any limitations that might be placed on the deduction.