Mike Patel has the following sources of income and deductions:

Gross Employment income $92,000

Deductible Employment Expenses 12,000

Interest income 6,000

Taxable capital gains realized during the year 70,000

Allowable capital losses suffered during the year 75,000

Business loss suffered during the year 95,000 What is Mikes Net Income for Tax Purposes?

a. $86,000

b. $33,500

c. NIL

d. ($9,000)

e. $93,000

f. $81,000

g. ($14,000)

h. None of the choices shown.