Question 11.3

Monty is a resident taxpayer. During the year, Monty has the following receipts and payments:

Monty used his car to drive to and from child minding and lawn mowing jobs. This amounted to a total of 5,200 kilometres.

Monty also had a mower that he used to generate income. Decline in value on the mower amounted to $250.

During the year, Monty has a net capital gain (after discount) of $700 from the sale of shares.

Calculate Monty's adjusted taxable income.

Receipts Gross income from mowing lawns $9,200 Gross income from child minding $1,400 Payments Personal Superannuateon Contribution - deductible $500 Donation - Red Cross $20