Anita Lopez operates a full - time law practice in eastern Ontario. In her spare time, she
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Question:
Anita Lopez operates a fulltime law practice in eastern Ontario. In her spare time, she maintains a small rural acreage for the purpose
of growing and selling Christmas trees. In addition, she derives income from various investments and is an art collector.
The following chart shows her financial results for
At the end of the following tax accounts existed.
Listed personal property loss carryforward from
Undepreciated capital cost allowance on rental property
Net capital losses
Anita has not previously claimed a capital gains deduction. Assume her cumulative net investment loss CNIL balance at the end of
is Nil.
Required:
What is Anita's taxable income for
Paragraph a Income
Paragraph b Capital gains and capital losses
Paragraph c Other deductions
Paragraph d Losses
Net income for tax purposes
Deduct:
Taxable income
Posted Date: