Compute Michael Landon?s Net Income for the 2015 calendar year, using the format of Section 3 of the Income Tax Act Canada.

Assignment #1 Question 2 Computation of Net Income (2015), using the format of Section 3 of the Income Tax Act: Michael Landon personally carries on two separate businesses and is also employed on a parttime basis by Tell Telephones Ltd. Michael also has an investment account at Merrill Lynch. He provides you with the following information for the year: Income in 2015: Interest income earned from term deposits (S 12(1)(c)) $ 4,000 Dividends (taxable amount) from shares (Merrill Lynch investments) (S 12(1)(j)) 10,000 Income (sales) from Business A (S 9) 98,000 Income (sales) from Business B (S 9) 118,000 Salary earned, Tell Telephones Ltd. (S 5) 12,500 Expenses in 2015: Expenses (allowed) from Business A (S 9 to 37) 115,250 Expenses (allowed) from Business B (S 9 to 37) 45,800 RRSP contribution (allowable per S 60(i)) 10,000 Childcare expenses (allowed per S 63) 9,600 Spousal support payments (allowed per S 60) 12,000 Interest expense on loan, funds invested in Merrill Lynch account (S 20(1)(c)) 5,870 Investment counsel fees paid to a financial planner (allowed expense) 350 Union dues (S 8(1)(i)) 500 Michael also advises you that he disposed of some shares in his Merrill Lynch account, and realized the following capital gains and losses in 2015: Taxable capital gain on disposition of 100 Telus shares 3,250 Allowable capital loss on disposition of 200 Atco shares (6,280) REQUIRED: Compute Michael Landon's Net Income for the 2015 calendar year, using the format of Section 3 of the Income Tax Act