Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the current year, gerri's employer provides

During the current year, Gerri's employer provides him with a $200 non-cash wedding gift and...

90.2K

Verified Solution

Question

Accounting

During the current year, Gerri's employer provides him with a $200 non-cash wedding gift and a $700 non-cash gift as an award for 10 years of service. No amount will have to be included in Gerri's employment income with respect to either of these gifts.
Question content area bottom
Part 1
A.
False because the CRA does not provide any concessions for non-cash gifts and non-cash long-service awards to be received tax free.
B.
False because the CRA only allows $500 in non-cash gifts and $500 in non-cash long-service awards to be received tax free. The non-cash long-service award in excess of the limit is taxable.
C.
True because the CRA only allows $500 in non-cash gifts and $ 1 comma 000$1,000 in non-cash long-service awards to be received tax free. Both gifts are under their limits and will be received tax free.
D.
True because the CRA does not have a limit on non-cash gifts or on non-cash long-service awards to be received tax free.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Question 16 options: When giving a definition of HEMOGLOBIN, one must detail its molecular structure. Its...

Medical Sciences
Q

In regards to the MMPI-2: What does it mean if a patient scores high (for example...

Psychology
Q

What is the value of x in kite ABCD 2x 5 A x 1 ect...

Geometry
Q

Find the indefinite integral f O In C O In C O In C Oln...

Calculus
Q

A function is defined by f x x 2 x where x 0 Find f1...

Algebra
Q

3 Angles of Elevation Depression Be sure to show any and all work a 5...

Algebra
Q

Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has...

Accounting
Q

Pam Corporation acquired 70% of the outstanding voting stock of Sun Corporation for $980,000 on...

Accounting
Q

Johnson Company Internal Controls Johnson Company Inc. (Johnson Company or the Company) is a U.S....

Accounting
Q

Classify the following cash flows as either operating, investing, or financing activities (assume indirect method)

Accounting
Q

In a branching process, the probability that any individual has j descendants, P; = P[Y...

Accounting
Q

Please help answer questions ...

Accounting