In January of This Year, Arkeva, a Calendar-Year Taxpayer, Receives

question 106

Multiple Choice

In January of this year, Arkeva, a calendar-year taxpayer, receives a $50,000 guaranteed payment from NFR Partnership. NFR deducted the payment during its tax year ending November 30 of last year. What tax year must Arkeva report her guaranteed payment in?

• A)She may elect either year.
• B)last year
• C)current year
• D)She does not need to report guaranteed payments on her return.

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Definitions:

Highway Traffic Act

Legislation that regulates the operation of vehicles and the behavior of drivers on roads to ensure safety and prevent accidents.

Stare Decisis

A legal principle that courts should follow previous judicial decisions when the same points arise again in litigation, ensuring legal consistency and predictability.

Alberta Court

A term referring to the judicial systems and courts operating within the province of Alberta, Canada.

Licence Plate

A metal or plastic plaque issued by governmental authorities that is attached to a vehicle for official identification purposes.