Joe Small is a Canadian resident. He has employment income of $93,400, interest income of $7,000, a net rental loss of $44,500 and a net business loss of $74,520.Dispositions of capital property during the current year had the following results ,capital gains of $26,940 and capital losses of $31080.Joe paid deductible spousal support of $1000 per month.His cash position was significantly improved when he won a provincial lottery prize of $900,000 during the year .With all of this cash, he decided to make a $30,000 contribution to his RRSP and a $10,000 contribution to the Red Cross , a registered charitable organization .Joe Small also receives taxable dividends of $15,000 from common shares of various companies that he owns.

Calculate Joe's Net Income For Tax Purposes (Division B income). Indicate the amount and type of any loss carry overs that would be available at the end of the current year and indicate how these can be used. If you exclude any item from the calculation, explain why ? (15 Marks)