Question
QUESTION 2 The Following three cases make different assumptions with respect to the amounts of income and deductions of Mr. Christopher Heaby for the current
QUESTION 2 The Following three cases make different assumptions with respect to the amounts of income and deductions of Mr. Christopher Heaby for the current year: Case A Case B Case C Employment Income Income (Loss) from Business $35,000 33,000 28,000 Income (Loss) from Business (15,000) (39,000) 15,000 Income (Loss) from Property 17,000 14,000 (36,000) Taxable Capital Gains 41,000 37,000 21,000 Allowable Capital Losses (17,000) (43,000) (27,000) Subdivision e Deductions (RRSP) (4,000) (7,000) (11,000) Required: For each case, calculate Mr. Heabys Net Income for Tax Purposes (Division B income). Indicate the amount and type of any loss carry overs that would be available at the end of the current year.
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