is an employee of a Canadian controlled private corporation $($CCPC$).$ She is married to David, a stay$-$at$-$home husband with no income of his own. Abigail's $64$ year$-$old mother who is infirm, also lives with them.Notes:$1.$ Abigail received a gross salary of $$95,000.$ From this amount CCPC withheld the following amounts:Income taxesCPP ContributionsEl PremiumsRegistered pension plan$17,0003,1231,0027,0002.$ In addition to her salary, CCPC paid the following on Abigail's behalf:Registered Pension PlanProfessional duesTuition fees for a course on corporate leadership$3,5001,5004003.$ Abigail participates in CCPC$\text{'}$s stock option plan. Five years ago, she received options to purchase up to$2,500$ shares at $$10$ per share. CCPC$\text{'}$s shares were valued at $$9$ at the time. She exercised the options four years ago when the shares were valued at $$15$ per share. In September of the current year she sold $1,000$ of these shares for $$20$ per share and paid brokers fees of $$500.$Abigail is required to meet with clients on a regular basis. CCPC provided her with a membership in Greenview, an exclusive golf and country club. The annual cost of the membership was $$4,000.$ Abigail estimates that she used the membership $70\%$ for business and the rest was personal$\mathrm{.}5.$ In addition to her job at CCPC$,$ Abigail also has a small consulting business that she operates as a sole proprietorship. She has provided you with the following information for the year:Service revenueExpenses:Advertising $($note A$)$Appraisal fees on property to be soldBusiness taxes and licensesOffice expenseWages $($note B$)$Equipment $($note C$)55,0003,00012595037522,0007,500$Note A: The advertising expense was for $12$ mos. of radio commercials. As of December, only $3$ mos. have aired.Note B: Of the wages, $$15,000$ is a salary she has paid herself and the other $$7,000$ is what she paid her niece to act as her assistant. This has been very helpful for her as she is paying far less than what she had to pay her last assistant who was fired for theft.Note C: Purchased on October $1$ of the current year, this is the first capital item she has invested in for her business$\mathrm{.}6.$ Abigail received $$870$ in eligible dividends from an investment with a Canadian Public corporation$\mathrm{.}7.$ On September $1,$ Abigail purchased a $3$yr$,5\%$ bond for $$4,000.$ The interest will be paid at maturity. To buy the bond, she took out a loan at a lower interest rate and paid $$30$ in interest fees$\mathrm{.}1448.$ Abigail recently received a small inheritance from her great Aunt. She has decided to catch up on her retirement savings and on December $1,$ purchased $$13,000$ in RSPs for herself and $$4,000$ in RSPs for her husband. Her prior year NOA indicates that her Earned income was $$75,000,$ her Pension Adjustment is $10,500$ and that she has $$15,000$ in unused contribution room$\mathrm{.}9.$ During the current year, Abigail sold the following items:Proceeds$-$ Car $($Cost $$25,000)17,000-$ Diamond necklace $($Cost $$900)2,40010.$ A review of Abigail's prior year T$1$ revealed the she has a net capital loss carryfoward from the prior year for $$5,000.-$ Diamond necklace $($Cost $$900)2,40010.$ A review of Abigail's prior year T$1$ revealed the she has a net capital loss carryfoward from the prior year for $$5,000.$Required:Calculate the following for the current ye$.$:$1.$ Net income for tax purposes $($div $8)2.$ Taxable Income $($div C$)3.$ Net Federal Taxes payableNote: For full marks, you must show all of your work. I have provided basic headings below, through yo will need to insert rows as needed.The Hurley Company has a taxation year ending December $31.$ On January $1$ of the current year, the UCC of Class $8$ was $$50,000.$ The Hurley Company has a policy of always deducting maximum CCA.Required: Each question is independent of each other. This means that each question will start new, with an opening UCC balance of $$50,000.$ Choose one of the following answers for each question. In order to be awarded marks, you must prove your work in the CCA chart below.AB$16,00017,00028,00024,00061,00067,0004,000$HJKLMN$10,80010,00026,0007,00072,00019,00073,000$OPQRST$36,80012,00010,000$ Terminal Loss$40,000$Terminal Loss$(40,000)$ Recapture$(10,000)$ RecaptureFSolution use letterONLY$)1.$ No assets were bought or sold during the year. Maximum CCA for Class $8$ is:$2.$ letterONLY$)3$Class No$\mathrm{.}88888=$ Comp questionEGMN$1.$ No assets were bought or sold during the year. Maximum CCA for Class $8$ is:$2.$ An asset was purchased for $$20,000$ on April $1.$ Maximum CCA for Class $8$ is:$3.$ An asset with a capital cost of $$15,000$ was sold for $$26,000$ on September $1.$ Maximum CCA for Class $8$ is:$4.$ The last asset in the class, with a capital cost of $$105,000,$ was sold on July $15$ for $$90,000.$ This would give rise to:$5.$ The last asset in the class, with a capital cost of $$105,000,$ was sold on August $1$ for $$40,000.$ This would give rise to:Additions DisposalsUCC Beginning during the during the of the Yearyearyear$50,00050,00050,00050,00050,000$