Greta Snow is a full-time teacher, and lives in the country with her family. Greta farms on a part-time basis. Greta earned $85,000 in 2020 at her full-time teaching job. During 2020 she had a farm loss of $12,000.   She sold shares of XYZ Corporation for $6,000. These shares cost $2,000 when they were purchased in 2017.  Greta received a $1,000 non-eligible dividend in 2020 (actual amount).

Greta has asked you to help her prepare her 2020 tax return, and provides you with the following additional information:

· Losses carried forward from 2019:  Allowable capital losses $10,000, and non-capital losses $2,000.

. Greta also had an allowable business investment loss of $4,000 being carried forward from 2019.

Required:

A) Calculate Greta's minimum taxable income from 2020 using the section 3 order.  Identify any losses available for carryover at the end of 2020 and indicate when they expire.