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Ms. Burke has the following income (loss) and deductions: 2 3 Employment income 4 Income (Loss) from business 5 Rental income (loss) 6 Taxable capital
Ms. Burke has the following income (loss) and deductions: 2 3 Employment income 4 Income (Loss) from business 5 Rental income (loss) 6 Taxable capital gains 7 Allowable capital losses Subdivision e deductions 8 9 66,334 12,525 -96,558 32,268 -31,194 5,841 10 Required: Calculate Ms. Burke's Net Income For Tax Purposes (Division B income). (4 marks) 11 Enter any deductions or losses as a negative below. 12 ITA 3(a) 13 14 15 16 Subtotal 3(a) 17 ITA 3(b) 18 19 20 Subtotal 3(b) 0.5 mark 0.5 mark 18 19 20 Subtotal 3(b) 21 Subtotal 3(a)+3(b) 22 ITA 3(c) 0.5 mark 0.5 mark 23 24 25 Subtotal 3(c) 26 Subtotal 3(a)+3(b)-3(c) 27 ITA 3(d) 28 29 30 Subtotal 3(d) 31 Net Income for tax purposes 32 33 0.5 mark 0.5 mark 0.5 mark Indicate the amount and type of any loss carry overs that would be available at the end of the current year, or state that no carry overs are available. (1 mark)
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