Employment income $($salary received$)$

$$84,000$

Deductible employment expenses

$7,000$

Business income $($gross sales$)$

$101,000$

Deductible business expenses

$51,000$

Rental income $($rental receipts and accruals$)$

$8,000$

Deductible rental expenses

$39,000$

Dividends on shares required to be included in income

$8,000$

Interest on loan to purchase the shares

$23,000$

Deductible RRSP contributions

$25,000$

Deductible moving expenses

$8,700$

Taxable capital gains

$62,000$

Allowable capital losses; includes an allowable business investment loss $($ABIL$)$ of $$36,000$

$101,000$

Note regarding Allowable Business Investment Loss$($ABIL$)$: An ABIL is a special type of allowable capital loss that is included in ITA$3($d$)$ instead of ITA$3($b$).$ This means$$ that, when working through the$$ problem, you must separate the $ $101$ comma $000$ of allowable capital losses into two pieces. The first $ $36$ comma $000$ is an ITA$3($d$)$ ABIL, and the remaining $ $65$ comma $000$ is an ITA$3($b$)$ allowable capital loss.Determine Vini's income for the $2024$ taxation year using the ITA $3$ format.$$ Also, indicate the amount and type of any $2024$ loss carry overs.

The CRA subsequently audited Vini and determined that the amount reported as an ABIL was actually a regular allowable capital loss. Recalculate Vini's ITA $3$ income amount. Identify the amount and type of any loss carry$$ overs, or state that there are no loss carry overs.

Assume that the CRA did not audit Vini$,$ but that the accountant spotted the following three$$ errors:

The deductible business expenses should have been $ $151$ comma $000,$ not $ $51$ comma $000.$

Deductible spousal support in the amount of $ $25$ comma $000$ was missed.

Taxable capital gains were overstated by $ $19$ comma $000.$

Calculate Vini's revised ITA $3$ income amount. Identify the amount and type of loss carry$$ overs, if$$ any, or state that there are no loss carry overs.Determine Vini's income for the $2024$ taxation year using the ITA $3$ format.$$ Also, indicate the amount and type of any $2024$ loss carry overs.

The CRA subsequently audited Vini and determined that the amount reported as an ABIL was actually a regular allowable capital loss. Recalculate Vini's ITA $3$ income amount. Identify the amount and type of any loss carry$$ overs, or state that there are no loss carry overs.

Assume that the CRA did not audit Vini$,$ but that the accountant spotted the following three$$ errors:

The deductible business expenses should have been $ $151$ comma $000,$ not $ $51$ comma $000.$

Deductible spousal support in the amount of $ $25$ comma $000$ was missed.

Taxable capital gains were overstated by $ $19$ comma $000.$

Calculate Vini's revised ITA $3$ income amount. Identify the amount and type of loss carry$$ overs, if$$ any, or state that there are no loss carry overs.