$04$:$07$:$03$

$04$:$07$:$03$

${}_{\text{e}\text{B}\text{o}\text{o}\text{k}}$ Print References

The following financial information is provided for the $2023$ taxation year for Angela Fowler.

Interest income

Net loss from retail store for the year ended December $31,2023$

Gain on sale of public corporation shares

Loss on sale of shares of a small business corporation

Dividends from foreign corporations, net of $$200$ withholding tax

Loss on sale of land that was originally purchased to build a rental property.

The project was cancelled after a rezoning application was lost.

Gain on sale of an oil painting

Director's fees for attendance at corporate meetings

Loss on sale of personal jewellery

$$24,000$

$(11,000)$

$12,000$

$(14,000)$

$2,800$

$(34,000)$

$8,000$

$10,000$

$(9,000)$

In $2023,$ Angela gifted shares of a public corporation to her $16-$year$-$old son. The shares, which originally cost $$12,000,$ had a value of

$$14,000$ at the time of the gift.

Also in $2023,$ Angela had a rental loss of $$6,000($before amortization$/$depreciation and capital cost allowance$).$ The property was

originally purchased for $$78,000($land $-$$$13,000$; building $-$$$65,000).$ The class $1$ building had an undepreciated capital cost of

$$50,000$ at the end of the previous year. On the last day of $2023,$ Angela sold the property for $$108,000($land $-$$$16,000$; building $-$

$$92,000).$ She intends to purchase a new rental property in early $2024$ for $$200,000($land $-$$$24,000$; building $-$ $$180,000).$

In the previous year, by agreement, Angela obtained the exclusive licence to distribute a certain product in Canada. In $2023,$ she

divided the country into six sales territories and sold $10-$year sub$-$licences to individuals in each territory. Total proceeds were $$28,000.$

Required:

Calculate Angela's net income for tax purposes for the $2023$ taxation year in accordance with the aggregating formula of section $3$ of

the Income Tax Act. $($Assume Other Deductions total $$2,000.)$

Paragraph $3($a$)$ Income

Paragraph $3($c$)$ Other deductions

Paragraph $3($d$)$ Losses