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For each of the following independent transactions, determine the minimum amount of net income or loss for tax purposes and the taxpayer to which it applies. 1 An individual purchases a $10,000 bond for their 15 -year-old daughter. During the year, the bond pays interest of $1,000. An individual pays $15,000 for shares of a public corporation, which they later gift to their spouse. At the 2 time of the gift, the shares had a value of $30,000. After receiving the gift, the spouse receives a dividend of $1,000 and then sells the shares for $26,000. A student who is 20 years old borrowed $20,000 from their parent and uses the funds to purchase shares 3 in a public corporation. After receiving a dividend of $1,000, the student sells the shares for $24,000. The interest rate on the loan equals the prescribed rate. 4 A student who is 20 years old borrowed $20,000 from their pe dividend income in a public corboration. After receivina a dividend of $1.000. th A student who is 17 years old receives an interest-free loan of $20,000 from their parent and uses the funds to purchase shares in a public corporation. After receiving a dividend of $1,000, the student sells the shares for $24,000. An individual loans money to their spouse, who uses the borrowed funds to purchase a rental property. During the year, the rental property earns net rentals of $7,000. The amount of the loan, which is interestfree, is $60,000. An individual loans money to their spouse, who uses the borrowed funds to purchase a rental property. During the year, the rental property earns net rentals of $7,000. The amount of the loan, is $60,000. The loan is subject to a reasonable interest rate of 6% and is secured by a mortgage on the rental property. An individual gifts common shares of a Canadian-controlled private corporation to their 16 -year-old daughter. At the time of the gift, the shares are valued at $10,000. Their original cost was $6,000. During the year, the daughter receives a non-eligible dividend of $1,000 from the shares and then sells them for $15,000. An individual contributes $5,000 to their spouse's TFSA. The funds are invested in bonds earning interest at 5%. For each of the following independent transactions, determine the minimum amount of net income or loss for tax purposes and the taxpayer to which it applies. 1 An individual purchases a $10,000 bond for their 15 -year-old daughter. During the year, the bond pays interest of $1,000. An individual pays $15,000 for shares of a public corporation, which they later gift to their spouse. At the 2 time of the gift, the shares had a value of $30,000. After receiving the gift, the spouse receives a dividend of $1,000 and then sells the shares for $26,000. A student who is 20 years old borrowed $20,000 from their parent and uses the funds to purchase shares 3 in a public corporation. After receiving a dividend of $1,000, the student sells the shares for $24,000. The interest rate on the loan equals the prescribed rate. 4 A student who is 20 years old borrowed $20,000 from their pe dividend income in a public corboration. After receivina a dividend of $1.000. th A student who is 17 years old receives an interest-free loan of $20,000 from their parent and uses the funds to purchase shares in a public corporation. After receiving a dividend of $1,000, the student sells the shares for $24,000. An individual loans money to their spouse, who uses the borrowed funds to purchase a rental property. During the year, the rental property earns net rentals of $7,000. The amount of the loan, which is interestfree, is $60,000. An individual loans money to their spouse, who uses the borrowed funds to purchase a rental property. During the year, the rental property earns net rentals of $7,000. The amount of the loan, is $60,000. The loan is subject to a reasonable interest rate of 6% and is secured by a mortgage on the rental property. An individual gifts common shares of a Canadian-controlled private corporation to their 16 -year-old daughter. At the time of the gift, the shares are valued at $10,000. Their original cost was $6,000. During the year, the daughter receives a non-eligible dividend of $1,000 from the shares and then sells them for $15,000. An individual contributes $5,000 to their spouse's TFSA. The funds are invested in bonds earning interest at 5%