Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Learning System Management Accounting Performance Evaluation Edition

Authors: Robert Scarlett

4th Edition

0750684305, 978-0750684309

More Books

Students also viewed these Accounting questions

Question

Differentiate 3sin(9x+2x)

Answered: 1 week ago