Ms. Partner Case Study - Finance Assignment Help

Assignment Task :

It is now July 31, 2020. You are a CPA student working for Ms. Partner, a partner in the tax department of a CPA firm in Toronto, Ontario. Ms. Partner and your team have been working together on a number of clients with various tax issues. 

Ms. Partner has summarized her notes with the clients below. 

Ms. Partner would like you to prepare a memorandum to her attention that addresses the relevant tax issues for these clients. Ms. Partner has reminded you to indicate any additional information that you will require to complete your analysis. She has also asked that you organize your memorandum under the same headings that she used in the attached notes so that she can easily cross-reference them. 

Finally, where relevant, she has asked you to assume that the combined federal/provincial corporate tax rates to use are 13% for active business income eligible for the small business deduction, 25% on active business income not eligible for the small business deduction and 50.67% on investment income. If you need it, assume the top combined federal-provincial top personal marginal rate is 50% and the dividend tax credit is equal to the gross-up and the combined GST/HST rate is 15%. 

1. The Chius a) Sale of Ice Cube Vodka Ltd. Amber Chiu and her husband, Tim, each own 50% of Ice Cube Vodka Ltd. (“CL”), a popular vodka manufacturer in a large city in Canada. The Chius have decided after 35 years in business that it is time to start thinking about selling and retiring. They did not think that the time to retire would come so soon, but they were approached by a potential buyer who offered them $3.7 million for the net assets of the business: more than they thought they would ever sell the business for. The couple has agreed to sell the assets of CL and the purchaser has agreed to assume the mortgages on the land and building. Once the net assets are sold, CL will pay its corporate taxes and will wind-up in late 2020. 

CL has an August 31 year-end for tax purposes. Amber has provided projected financial information on the assets and liabilities of the company at that date (see Appendix I). The cost and UCC amounts are based on CL’s projected August 31, 2020 internal financial statements. Amber does not expect that the values provided will be significantly different by the projected sale date of August 31, 2020. The fair market values (FMVs) of the assets are the values proposed by the arm’s length purchaser.

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