Alex has come to you for tax advice for 2020. He has identified the following income for 2020 and would like you to calculate the effects of the above on his income, taxable income, and loss carry forward for the year.

Employment $ 40,000

Lottery winnings. 3,000

Stock option benefit. 5,000

Division C deduction for stock option (2,500)

Business (60,000)

Taxable capital gain 15,000

Allowable capital loss (20,000)

Inheritance from his grandmother 12,000

Dividends

Cash 1,000

Gross-up 150