Mr. Chen carries on a business as a sole proprietor which uses a December 31 fiscal period. In 2020, its first year of operation, there is $20,000 of business income and a taxable capital gain of $2,000 [(1/2)($4,000)]. The following amounts relate to the 2021 taxation year:
Business Loss	-60,000.00
Taxable Capital Gains	-1,500.00
Allowable Capital Losses	-5,000.00

Required: Mr. Chen has no other types of income or deductions in either year. Assume that he wishes to minimize any net capital and non-capital losses. Calculate his 2020 and 2021 net and taxable income plus any amended amounts for 2020 as a result of loss carryovers.

Calculate/complete the following:

1) Net income for tax purposes and taxable income for 2020

2) Net income for tax purposes and taxable income for 2021

3) Amended (if any) amounts for 2020 as a result of losses carry forward

4) Indicate the amount and type of any losses available for carry forward to other taxation years.