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Monjie Li has the following sources of income and deductions: Gross Employment income $175,000 Deductible Employment Expenses 15,000 Interest income 5,000 Taxable capital gains realised
Monjie Li has the following sources of income and deductions:
Gross Employment income $175,000
Deductible Employment Expenses 15,000
Interest income 5,000
Taxable capital gains realised during the year 55,000
Allowable capital losses suffered during the year 20,000
Business loss suffered during the year 212,000
What is Monjies Net Income for Tax Purposes?
| a. | None of the choices shown. | |
| b. | $182,000 | |
| c. | $215,000 | |
| d. | ($12,000) | |
| e. | $94,000 | |
| f. | $200,000 | |
| g. | $175,000 | |
| h. | NIL |
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