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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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