Question
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
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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. $93,000
b. ($9,000)
c. ($14,000)
d. NIL
e. $33,500
f. $86,000
g. None of the choices shown.
h. $81,000
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. | $93,000 | |
| b. | ($9,000) | |
| c. | ($14,000) | |
| d. | NIL | |
| e. | $33,500 | |
| f. | $86,000 | |
| g. | None of the choices shown. | |
| h. | $81,000 |
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Make It Complete A Guide Of Knowledge Advice And Tips For Internal Audit And Compliance
Authors: Mónica Ramírez Chimal
1st Edition
6202304456, 978-6202304450
