Calculate Net Income for Tax Purposes ( NIFTP Diy B ) & Taxable income ( Consider Carry Forwards & Comment 16 marks , approx . 30 mins Reagan has come to you to help compute his preliminary tax amounts for 2020 He has provided you with a list of the following items Employment earnings from time job Winnings from hockey pool Employment stock option benefit Division C deduction relating to stock option His share of partnership income loss ) Capital gains realized during the year Capital losses realized during the year Inheritance from passing of grandparent Dividends - Actual amount received from CCPC Dividends - Gross up amount at 15 % 53,500 2,000 4,000 ( 2.000 ) 163,000 ) 10,000 22,000 ) 12,000 1,000 150 REQUIRED ( SHOW ALL DETAILS & CALCULATIONS : Part A 11 marks ) Reagan would like you to calculate the effects of the amounts provided on his net income for tax purposes ( NIFTP Division B ) and taxable income T ) after Division deductions , if any ) Part [ B [ 4 marks ] Reagan would also like you to comment on the Net Capital Loss ( carryforward and Non - Capital Loss ( Non - CL ) carry forward amounts and explain when or how he might be able to utilize these forward amounts . CALCULATE AMOUNT AVAILABLE TO CARRY FORWARD OR BACK AND DESCRIBE THE CARRY FOWARD & BACK RULES NOTE : is not necessary to calculate taxes owing or non - refundable tax credits Student responses should be recorded in Exce Question total of 4 pages tabs in your Excel )