Question
2. In 2022, William Barker, who is single, earned the following income and incurred the following losses: employment income: $16,000 business loss: $4,000 taxable capital
2. In 2022, William Barker, who is single, earned the following income and incurred the following losses: employment income: $16,000 business loss: $4,000 taxable capital gains: $7,000 property income (interest): $18,000 allowable capital loss from the sale of shares of public corporations: $9,000 allowable capital loss from the sale of shares of a CCPC that qualifies as a small business corporation: $2,000 At the end of 2021, William had unused net capital losses of $16,000 and unused non-capital losses of $37,000. William does not want to pay any federal tax in 2022. For 2022, William is entitled to a deduction for CPP enhanced contributions of $68. REQUIRED: (18 MARKS, 56 MINS) Assuming Williams wishes are met, what is the maximum amount of net capital & non-capital losses remaining for carry-forward after 2022, assuming that taxable income is reduced to zero? ____________________________________________
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