Mr. John Klaus carries on a business as a sole proprietor which uses a December 31 fiscal period. In 2021, its first year of business, there is $19,000 of business income and a taxable capital gain of $3,000 [(1/2)($6,000)]. The following amounts relate to the 2022 taxation year:

Business Loss ($56,000)

Taxable Capital Gains 1,600

Allowable Capital Losses ( 4,900)

Mr. Klaus has no other types of income or deductions in either year. Assume that he wishes to minimize any net capital and non-capital losses, without regard to his ability to claim personal tax credits for 2021 (0 income if possible). Calculate his 2021 and 2022 net income and taxable income plus any revised amounts for 2021 as a result of loss carryovers.

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