LOSSES Mr. Jeremy Knot carries on a business as a sole proprietor which uses a December 31 fiscal period. In 202- its first year of operation, there is $19,000 of business income and a taxable capital gain of $3,000 [(1/2) ($6,000)]. The following amounts relate to the 2021 taxation year: Business Loss Taxable Capital Gains Allowable Capital Losses ($56,000) 1,600 (4.900) Mr. Knot has no other types of income or deductions in either year. Assume that he wishes to minimize an net capital and non-capital losses, without regard to his ability to claim his tax credits for the preceding 20 year. Calculate his 2020 and 2021 net and taxable income plus any amended amounts for 2020 as a result loss carryovers. Indicate the amount and type of any losses available for carry forward to other artin LOSSES Mr. Jeremy Knot carries on a business as a sole proprietor which uses a December 31 fiscal period. In 202- its first year of operation, there is $19,000 of business income and a taxable capital gain of $3,000 [(1/2) ($6,000)]. The following amounts relate to the 2021 taxation year: Business Loss Taxable Capital Gains Allowable Capital Losses ($56,000) 1,600 (4.900) Mr. Knot has no other types of income or deductions in either year. Assume that he wishes to minimize an net capital and non-capital losses, without regard to his ability to claim his tax credits for the preceding 20 year. Calculate his 2020 and 2021 net and taxable income plus any amended amounts for 2020 as a result loss carryovers. Indicate the amount and type of any losses available for carry forward to other artin