Answered step by step
Verified Expert Solution
Question
1 Approved Answer
6. Margret had employment income of $52,100, a loss from her unincorporated business of $51,000 and interest income of $8,200. As the result of
6. Margret had employment income of $52,100, a loss from her unincorporated business of $51,000 and interest income of $8,200. As the result of dispositions of capital property, she had capital gains of $22,400 and capital losses of $28,200. During the year she also paid childcare costs of $3,100 and paid spousal support to her ex-husband of $5,100. Based on the above information answer the following three (3) questions (i) Margret's total income under ITA 3(a) is: ii) A: $1,100 B: $9,300 C: $52,100 D: $60,300 Margret's income under ITA 3(b) and allowable capital loss carry over are: A: nil ($0) and $5,800 B: negative $5,800 and $0 C: nil ($0) and $2,900 D: negative $2900 and $0 (ii) Margret's Net Income for Tax Purposes is: A: A loss of $4,700 B: $1,100 C: A loss of $1,800 D: $0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started