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
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. | ($9,000) | |
| b. | None of the choices shown. | |
| c. | ($14,000) | |
| d. | $33,500 | |
| e. | $86,000 | |
| f. | $81,000 | |
| g. | NIL | |
| h. | $93,000 |
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Management Accounting For Financial Decisions
Authors: Keith Ward ,Sri Srikanthan ,Richard Neal
1st Edition
0750600675, 978-0750600675
