For the following scenarios, assume Sam Tarly has the following in 20x7:

• Net taxable capital gains of $28,000

• Net income for tax purposes of $204,000

  For each scenario, calculate

  1. i) Taxable Income

  2. ii) Federal tax on taxable income

  3. iii) the balance of the any loss carry-over amounts

  Deal with each scenario independently from the other scenarios. In your calculations, show where in the structure of the calculation of taxable income the use of the loss carryovers are taking place.

• Scenario A: Sam has non-capital loss carryovers of $300,000

• Scenario B: Sam has net capital loss carryovers of $34,000

• Scenario C: Sam has net capital loss carryovers of $5,000 and non-capital loss carryovers

  of $102,000.