For this case study, you will prepare a PowerPoint Presentation and answer the questions below. You can use the sample Profile tax return in your Study guide (page S-307) as a resource in addition to other individual research you will have to complete to answer questions (must site your sources as part of your PPT presentation). Please submit your PPT with all group members listed on the first slide. 1. Explain how to create a T2 corporate tax return. Explain the information that must be filled out on the info tab for a Canadian Controlled Private Corporation (you can use screen shots in Profile to explain your answers). 2. What does "GIFI" mean? 3. Which schedule is used to enter balance sheet information? 4. Which schedule is used to enter income statement information? Enter the accounting income statement information provided in the PPT slides located in Moodle (Slide 9) and include a screen shot in your PPT presentation. 5. Which schedule is used to make adjustments to the income statement for items that are either allowed/disallowed? 6. List 5 items (revenues or expenses) that are disallowed for tax purposes, but allowed for accounting purposes. 7. List 3 items (revenues or expenses) that are allowed for tax purposes but not allowed for accounting purposes. 8. Which schedule does shareholder information entered on? Enter a fictitious name and SIN on Schedule 50 and include a screen shot. 9. Which schedule does CCA information get recorded on? Enter the UCC information found in the PPT located in Moodle (Slide 9) and include a screenshot. 10. How do you calculate taxable income for a corporation? Where in Profile can you find this information? 11. Explain the Small Business Deduction(Calculation and who is eligible to claim it). Where in Profile can you find this calculation? Include a screenshot.
