Income Or Loss From A Business 303 Assignment Problems gnment Problem Six - 13 Assignehensive Case Covering Chapters 1 to 6) Information Family amiz is 46 years old. Sh e is married to Raul Ramiz. Raul is 41 vears old and has 2017 jmt income For Tax Purposes of $5,650. is couple have two childresn Their son, Diego,is 15 years old and has a 2017 Net Income For Tax Purposes ego of $6,420 bella Their daughter, Isabella is 20 years old and has no 2017 income of her She attends university on a full time basis for 8 months of the year. Jamine pays all of Isabella's education costs, including $10,200 for tuition and $2,200 for text- ks and supplies. She has agreed to transfer the maximum tuition credit to her mother s 2017 medical expenses, all paid for by Jamine, are as follows Jamine Raul Diego Isabella Total 3,200 7,800 2,450 7,235 $4,800 was for hair transplants and the remaining $3,000 was for plastic surgery on his nose as a result of a collision with a tree while bike riding. 2017, Jamine makes donations to the United Way Fund of $2,150. In addition, she During makes donations to registered federal political parties in the amount of $450. She is not eligible for the first time donor's super credit. Employment Income Jamine is employed by Dominion Steel, a large public company, in their human resources department. For 2017, her basic salary is $143,000. In addition, she earned $18,500 in commissions. For the year, her employer withheld the following amounts from her income CPP Contributions El Premiums RPP Contributions 2,564 836 4,200 625 1,800 Union Dues Payments For Personal Use Of Company Car For 2017, her employer makes a matching contribution to her RPP of $4,200. Dominion Steel provides Jamine with a car that was purchased in 2015 for $40,000. In the Company's records, this Class 10.1 asset has a January 1, 2017UCC of $17,850. During 2017 the car was available to Jamine for only 10 months, during which she drove it a total of 42,000 kilometers. Of this total, 15,000 kilometers were for personal use. The Company pays all of e costs of operating the car, a total of $7,560 for the year. Seve ral years ago, Jamine was granted options to purchase 2,000 shares of her employer's The option price was $25 per share and, at the time the options were granted, the stock ing at $27 per share. During March, 2017, she exercises all of the options. At this selle the shares are trading at $32 per share and, immediately after exercisingthe options, she 1,000 of the shares at $32 per share. She is still holding the other 1,000 shares at the end was tradi year when they are trading at $20 per share. Income Or Loss From A Business 303 Assignment Problems gnment Problem Six - 13 Assignehensive Case Covering Chapters 1 to 6) Information Family amiz is 46 years old. Sh e is married to Raul Ramiz. Raul is 41 vears old and has 2017 jmt income For Tax Purposes of $5,650. is couple have two childresn Their son, Diego,is 15 years old and has a 2017 Net Income For Tax Purposes ego of $6,420 bella Their daughter, Isabella is 20 years old and has no 2017 income of her She attends university on a full time basis for 8 months of the year. Jamine pays all of Isabella's education costs, including $10,200 for tuition and $2,200 for text- ks and supplies. She has agreed to transfer the maximum tuition credit to her mother s 2017 medical expenses, all paid for by Jamine, are as follows Jamine Raul Diego Isabella Total 3,200 7,800 2,450 7,235 $4,800 was for hair transplants and the remaining $3,000 was for plastic surgery on his nose as a result of a collision with a tree while bike riding. 2017, Jamine makes donations to the United Way Fund of $2,150. In addition, she During makes donations to registered federal political parties in the amount of $450. She is not eligible for the first time donor's super credit. Employment Income Jamine is employed by Dominion Steel, a large public company, in their human resources department. For 2017, her basic salary is $143,000. In addition, she earned $18,500 in commissions. For the year, her employer withheld the following amounts from her income CPP Contributions El Premiums RPP Contributions 2,564 836 4,200 625 1,800 Union Dues Payments For Personal Use Of Company Car For 2017, her employer makes a matching contribution to her RPP of $4,200. Dominion Steel provides Jamine with a car that was purchased in 2015 for $40,000. In the Company's records, this Class 10.1 asset has a January 1, 2017UCC of $17,850. During 2017 the car was available to Jamine for only 10 months, during which she drove it a total of 42,000 kilometers. Of this total, 15,000 kilometers were for personal use. The Company pays all of e costs of operating the car, a total of $7,560 for the year. Seve ral years ago, Jamine was granted options to purchase 2,000 shares of her employer's The option price was $25 per share and, at the time the options were granted, the stock ing at $27 per share. During March, 2017, she exercises all of the options. At this selle the shares are trading at $32 per share and, immediately after exercisingthe options, she 1,000 of the shares at $32 per share. She is still holding the other 1,000 shares at the end was tradi year when they are trading at $20 per share