An individual loans money to their spouse, who uses the borrowed funds to purchase a rental property. 6 During the year, the rental property earns net rentals of $7,000. The amount of the loan, is $60,000. The loan is subject to a reasonable interest rate of 6% and is secured by a mortgage on the rental property. Person who reports taxable income Taxable income Type of Income An individual gifts common shares of a Canadian-controlled private corporation to their 16-year-old 7 daughter. At the time of the gift, the shares are valued at $10,000. Their original cost was $6,000. During the year, the daughter receives a non-eligible dividend of $1,000 from the shares and then sells them for $15,000. Person who reports taxable income Taxable income Type of Income 8 An individual contributes $5,000 to their spouse's TFSA. The funds are invested in bonds earning interest at 5% Person who reports taxable income Taxable income Type of Income No one $ 250 Not taxable incomeFor each of the following independent transactions, determine the minimum amount of net income or loss for tax purposes and the taxpayer to which it applies. An individual purchases a $10000 bond for their 15-yearold daughter. During the year. the bond pays interest of $1 .000. Person who reports taxable income Taxable income Type of Income $ me An individual pays $1 5. 000 for shares of a public corporation. which they later gift to their spouse. At the 2 time ofthe gift. the shares had a value of$30.000. After receiving the gilt. the spouse receives a dividend of$1.000 and then sells the shares for $26000. Person who reports taxable income Taxable income Type of Income $ 15.00_ $ aes Astudent who is 20 years old borrowed $20,000 from their parent and uses the funds to purchase shares 3 in a public corporation. Alter receiving a dividend of$1.000. the student sells the shares for 824.000. The interest rate on the loan equals the prescribed rate. Person who reports taxable income Taxable income Type of Income Student 3. 380 Interest" Income Astudent who is 1? years old receives an interestfree loan of $20.000 from their parent and uses the 4 funds to purchase shares in a public corporation. After receiving a dividend of $1.000. the student sells the shares for $24000. Person who reports taxable income Taxable income Type of Income An individual loans money to their spouse. who uses the borrowed funds to purchase a rental property. 5 During the year. the rental property earns net rentals of$7.000. The amount ofthe loan. which is interest free. is $50000. Person who reports taxable income Taxable income Type of Income