1. Ms. David has the following sources of income/gains/losses in the current year:

• Employment income $58,200
• Property income $10,000
• Taxable capital gains of $45,000
• Allowable capital losses of $13500
• A business loss of $137,500
• Other deduction of $5,000

(b) in the following year, Mr. Grewal has the following sources of income/gains/losses:

• Employment income of $70,000
• Taxable capital gains of $25,500
• Allowable capital losses of $45,000
• Other deduction of $10,000
• Business income of $30,250
• Porperty loss of $12,500

Required: For both parts (a) and (b) calculate the Net income for Tax Purposes any carry-over-balances in the year? If so, what kind of carry-over and what is its carry-over period?