Make sure you read carefully, play the "role" and do the "requireds" and follow the format instructions below or marks will be deducted.
Format Instructions: Your assignment solution must be typed and not handwritten and must be a professional report or memo. You must not exceed 7 pages of writing (word document) plus 5 pages of exhibits (excel spread-sheets) plus a word document cover sheet with a table listing group members. If you delegate responsibilities to group members, other group members should review and edit to ensure that the assignment requirements are met and that there are no technical or formatting errors because marks will be deducted.
- 7 pages max Word document: You must use minimum 12 pt font Arial (or equivalent sized font) and double space. You must use sentences, proper grammar and spelling. Point form may be used, where appropriate. Page layout must be portrait. Margins can be any width. You must have page #'s.
- 5 pages max Excel spreadsheets: Each sheet in the file must fit on one page and must be readable (similar to excel exhibits we have posted for you on moodle) There is no 12pt, double space requirement. Page layout may be portrait or landscape. Exhibits must have titles and conclusions.
It is now February 1, 2018. You are a "CPA student" working for Susan Partner, a partner in the tax department of a CPA firm ("the firm") in Toronto, Ontario. Susan has just had her second meeting with Jim Jones (age 62), a new client of the firm. Jim is a doctor.
J im lives in Toronto, Ontario with his wife Cathy (age 55) and four children, Matthew (age 23), Megan (age 21), Mark (age 19) and Mary (age 14). Each of Jim, Cathy and the children have January birthdays. At their first meeting, Jim had indicated that he would like Susan and her firm to be his tax advisors and prepare his family's personal returns.
Jim's mother, Jennifer Jones, died on November 1, 2017 at the age of 82. Jennifer w a s a 6 0% shareholder of Jones Manufacturing Ltd (JML), a Canadian-controlled private corporation, until her death. Jennifer's husband David is 83 and is in good health and owned 40% of JML before Jennifer's death. Jim is the executor of Jennifer's estate.
Jim would like an estimate of Jennifer's 2017 personal federal taxes now as well as the deadlines for f i l i n g a n d payment so that he can be prepared for what is payable.
He would also your firm's assistance regarding some tax issues relating to his professional corporation, James Jones MD Professional Corporation (PC), and the management corporation for his medical practice JJMD Management Company Ltd. (MC). Both corporations have December 31 year ends. The firm will be preparing the corporate tax returns for both PC and MC. JML has its own tax advisors that will prepare its tax returns.
Yesterday Jim provided Susan with a variety of information and asked Jack a number of additional questions and this is all included in Susan's notes which follow.
Susan would like you to prepare a memorandum to her and Jim that addresses the relevant issues Susanh as reminded you to indicate any additional information that you require to complete your analysis. The memorandum should be organized under the same headings as Susan has used in her attached notes.
Attachment:- Susans Notes.rar