Question
Mr. Damon Bradley provides you with the following financial information for the years 2018 through 2021. During this year, Damon starts a new business which,
Mr. Damon Bradley provides you with the following financial information for the years 2018 through 2021.
During this year, Damon starts a new business which, during its first year of operations, has business income of $19700. In addition, because of his love of the outdoors, he begins to carry on a farming business on a part time basis. The farming business experiences a loss of $10800 in its first year of operation. Using the proceeds of an inheritance, he makes a number of investments in common shares during the year. In 2018, these investments pay $1880 in eligible dividends. As the result of dispositions in the year, he realizes $1310 in capital gains and $4650 in capital losses.
Please help answering all with the question marks. Thank you
Calculate Damon's minimum Net Income for Tax Purposes and Taxable Income for 2018. (Round your answers to the nearest dollar.)
The 2018 net income is = ???
and the 2018 taxable income is = ???
None of the losses can be carried back before 2018, so a 2018 restricted farm loss of = ???
and a 2018 net capital loss of =??? can be carried over.
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