Problem 10 John Ingles has provided you with the following information related to his various investment holdings as of December 31, 2019. Interest earned on joint bank account with his spouse (spouse contributes equally). $ 2,000 Interest earned on his investment account (not joint) with his investment broker .... 800 Interest earned on 2018 personal income tax assessment. 450 Interest on short-term investments: $20,000 term deposit taken out November 30, 2019 (interest at maturity in six months) Accrued interest from December 1 to December 31, 2019 ...... 85 $200,000 GIC purchased November 1, 2018 interest payable at maturity on October 31, 2021) Accrued interest from November 1, 2018 to October 31, 2019 ......... 16,000 Accrued interest from January 1, 2019 to December 31, 2019 16,214 Government of Canada Treasury Bills purchased for $9,009 on January 3, 2019 Amount received on maturity on December 31, 2019...... 10,000 Cash dividends received from investment in common shares of Canadian resi- dent public corporations ....... Cash dividends received from common shares in US corporations (net of $3,000 of foreign withholding taxes; all in Canadian dollars) ...... 17,000 Rental details from operation of two separate rental properties: Property 1 Property 2 Gross rental revenue........... . ... . ... $ 30,000 $ 46,000 Utilities ........ ........... .... 5,000 Property taxes ...... 2,400 Repairs ............ 1,500 4,800 Mortgage interest ... 20,000 32,000 Opening UCC . . . . . . . . . . $368,209 $520,225 24,000 8,000 3,500 $50,000 Interest expenses paid during 2019: Interest on bank line of credit used for investing in shares described above Interest on loan to acquire an automobile for his daughter for her 18th birth- day.... Interest on a parcel of vacant land (purchased in 2014, the land does not generate any income)........... 3,200 10,000 Raced on the above. John has asked you to calculate his income for the year. He would also like you nent on the income tax implications of items not included in your calculations Problem 10 John Ingles has provided you with the following information related to his various investment holdings as of December 31, 2019. Interest earned on joint bank account with his spouse (spouse contributes equally). $ 2,000 Interest earned on his investment account (not joint) with his investment broker .... 800 Interest earned on 2018 personal income tax assessment. 450 Interest on short-term investments: $20,000 term deposit taken out November 30, 2019 (interest at maturity in six months) Accrued interest from December 1 to December 31, 2019 ...... 85 $200,000 GIC purchased November 1, 2018 interest payable at maturity on October 31, 2021) Accrued interest from November 1, 2018 to October 31, 2019 ......... 16,000 Accrued interest from January 1, 2019 to December 31, 2019 16,214 Government of Canada Treasury Bills purchased for $9,009 on January 3, 2019 Amount received on maturity on December 31, 2019...... 10,000 Cash dividends received from investment in common shares of Canadian resi- dent public corporations ....... Cash dividends received from common shares in US corporations (net of $3,000 of foreign withholding taxes; all in Canadian dollars) ...... 17,000 Rental details from operation of two separate rental properties: Property 1 Property 2 Gross rental revenue........... . ... . ... $ 30,000 $ 46,000 Utilities ........ ........... .... 5,000 Property taxes ...... 2,400 Repairs ............ 1,500 4,800 Mortgage interest ... 20,000 32,000 Opening UCC . . . . . . . . . . $368,209 $520,225 24,000 8,000 3,500 $50,000 Interest expenses paid during 2019: Interest on bank line of credit used for investing in shares described above Interest on loan to acquire an automobile for his daughter for her 18th birth- day.... Interest on a parcel of vacant land (purchased in 2014, the land does not generate any income)........... 3,200 10,000 Raced on the above. John has asked you to calculate his income for the year. He would also like you nent on the income tax implications of items not included in your calculations