Part A Purpose: To familiarize students with section 3, source, and the importance of persons. Please calculate NITP for Emerson using section 3 format for the 2020 taxation year based on the facts provided below. Indicate the amount and type of any loss carryovers that would be available at the end of the current year, or state that no carry overs are available. Scenario 1 Facts Emerson was paid salary by virtue of being an employee of Apple Inc. Amount 83,480 Emerson was paid a bonus by Apple Inc. which was earned in 2020 on May 15, 2020 40,000 Emerson invested in Canada Savings Bonds and earned interest income 4,622 Emerson sold shares of Blackberry, a publicly traded corporation and realized an allowable capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain (4,835) 48,492 Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income Emerson had deductible child care costs 200,000 (9,372) Scenario 2 Facts Brookfield Partnership, of which Emerson owns a 50% interest, generated business income Brookfield Partnership, of which Emerson owns a 50% interest, generated rental loss Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Amount 144,876 (19,692) (14,978) 8,466 Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income Emerson had deductible RRSP contributions Scenario 3 Facts Emerson was paid salary by virtue of being an employee of Apple Inc. 715,000 (22,000) Amount 27,234 Emerson was paid a bonus by Apple Inc. which was earned in 2020 on December 31, 2020 Emerson was paid a bonus by Apple Inc. which was earned in 2020 on July 31, 2021 Brookfield Manufacturing, Emerson's sole proprietorship, generated a business loss Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain 20,000 15,000 (68,672) * (9,332) 12,472 Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income Emerson had deductible child care costs 105,000 (3,922) *Brookfield Manufacturing has revenues of 60,000 and expenses of 128,672 Scenario 4 Facts Brookfield Partnership, of which Emerson owns a 50% interest, generated business income Brookfield Partnership, of which Emerson owns a 50% interest, generated rental loss Emerson is a beneficiary of the Emerson Trust which earned business income Emerson invested in Canada Savings Bonds and earned interest income 87,924 (144,920) 15,000 6,250 Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss (23,874) Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson has deductible moving expenses 12,376 (7,387)