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rn The following information relates to Perry Somer's financial affairs in 2020: Perry is employed as a salesperson and is remunerated by commissions. He must

The following information relates to Perry Somers financial affairs in 2020: 1. Perry is employed as a salesperson and is reRequlred: Calculate Perrys minimum 2020 net income in accordance with the aggregating formula for determining net income forrn 

The following information relates to Perry Somer's financial affairs in 2020: Perry is employed as a salesperson and is remunerated by commissions. He must pay all of his own expenses. During the year, he earned commissions of $28,000. His expenses were as follows: 1. Automobile (operating costs) Entertainment (meals) Convention (related to his employment) Donations Telephone long-distance charges (Personal use 80%) The personal-use portion of his automobile expense is 20%.The UCC of his automobile at the end of the previous year was $5,000. 2. He made the following capital transactions: Shares of public corporation A Shares of public corporation B Shares of Canadian-controlled private corporation C (a small business corporation) 3. In 2019, Perry acquired the following two residential rental properties. Property X $10,000 70,000 5. Land Building $3,000 1,000 500 500 1,000 Income: Taxable dividends-Canadian public corporations Interest on foreign bonds (net of 15% withholding tax) Expenses: Maximum capital cost allowance was claimed in 2019. In 2020, the city expropriated property Y for $77,000 (land $17,000, building $60,000). Perry was pleased because property Y was vacant for part of the year after a tenant vacated unexpectedly. In 2020, net rental income from both properties (after all expenses but before capital cost allowance) was $1,000. 4. Perry's other income and expenses are as follows: Interest on a loan used to acquire the foreign bonds Investment counsel fee Gain (loss) $10,000 (18,000) (6,000) Property Y $15,000 60,000 $2,000 1,700 1,300 800 During the year, Perry made a contribution of 1,000 to a registered pension plan, which was matched by his employer. In addition, he contributed $2,000 to his RRSP.

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