comment on the income tax Problem 12 to h the above, John has asked you to caleuila ncone O plications of items not included in your calculation in items Your client, Ashley, has come you to you for some advice on computing her net income from property Many of the c borrowed ssou her Investments and puid off her personal residence mortgage. on to reacquire many of the same investments she previously held. has insisted that common shares purchased do not earry rights. H 50% of the investments be placed in his name (b) On April 15, Ashley purchased a government bond that pays annual interest of 2.5%. When the paid accrued interest of $262.50 to the previous owner of the bonds. t land next to her apartment block (c) On June 1, Ashley borrowed $450,000 to purchase the larnd is used as a parking lot and she collected monthly revenues of $2,500. She plans were $45,500 for uprovernents that will double her income from the lot. Ashley's only expenses interest and property taxes oblem 13 Funds are borrowed by an individual from a financial institution at a 7% per annum interest rate Ashley has asked you to explain the income tax implications of each item above