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MikePatel has the following sources of income and deductions: Gross Employment income$150,000 Deductible Employment Expenses15,000 Interest income5,000 Taxable capital gainsrealisedduring the year25,000 Allowable capital losses

MikePatel has the following sources of income and deductions:

Gross Employment income$150,000

Deductible Employment Expenses15,000

Interest income5,000

Taxable capital gainsrealisedduring the year25,000

Allowable capital losses suffered during the year60,000

Business loss suffered during the year165,000

What isMike'sNet Income for Tax Purposes?

PLEASE SHOW CALCULATION OF ANSWER AND EXPLAINATION

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