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An individual received employment income ($50,000) during 20x5. He had a 50 % interest in a partnership that realized a business loss of $120,000 for
An individual received employment income ($50,000) during 20x5. He had a 50 % interest in a partnership that realized a business loss of $120,000 for the year ended 20X5, He also had a capital loss ($12,000) and a capital gain ($5,000), what would be the amounts of the capital loss and the partnership's business loss available for carry forward or back to other taxation years? Multiple Choice $3,500, one-half of the $7,000 net amount of the personal capital loss for the year. $60,000, his share of the partnership's loss. $3,500, one-half of the $7,000 net amount of the capital loss for the year), and $10,000, $60,000 (his share of the partnership's loss) less $50,000 applied against his 20x5 employment income $3,500, one-half of $7,000 net amount of the personal capital loss for the year, and $60,000, his share of the partnership's loss
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