Question
Irenes 2021 income and expenses were as follows: Employment income $ 82,000 Deductible employment expenses $7,100 Business income $42,000 Deductible business expenses $105,000 Rental income
Irene’s 2021 income and expenses were as follows:
- Employment income $ 82,000
- Deductible employment expenses $7,100
- Business income $42,000
- Deductible business expenses $105,000
- Rental income $ 12,000
- Deductible rental expenses 37,000
- Dividends required to be included in income $ 10,000
- Interest on loan to purchase the shares $19,000
- Taxable capital gains $ 58,000
- Allowable capital losses $37,000
- Allowable business investment loss (ABIL) of $37,000 $104,000
Determine Irene’s income for the 2021 year. Follow the ITA 3 format (paragraph 3a, 3b, 3c, and 3d). Show all your work. Indicate whether or not there are any loss carryovers.
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Federal Taxation 2016 Comprehensive
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
29th Edition
134104374, 978-0134104379
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