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How do you calculate net income for tax purposes, taxable income & the amount of any loss carryover available? Question 2 to mark'sStanley is a
How do you calculate net income for tax purposes, taxable income & the amount of any loss carryover available?
Question 2 to mark'sStanley is a auto mechanic who operates a lawn maintenance business during the summer months . HE hasprovided You with the following information pertaining to 2018 :Employment incomeNet loss from lawn maintenance businessNet rental loss (before CLAY|20.000')Taxable capital gainAllowable capital loss( 5,000)Based on his 2017 income . Stanley made an RRSP contribution of $ 2 2 500 to his RRSP in respect of 2018He also contributed $ 450 to a registered charity in 2018.Required :Compute Stanley's net income for tax purposes using the ordering rule in section ? taxable income , andthe amount of any loss carryover available as a result of the above informationStep by Step Solution
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