Question list

Question $16$

Dr$.$ Julienne Swafford has hired your professional services to file her income tax return. Dr$.$ Swafford is a retired surgeon. Due to her failing eyesight, Julienne was

required to retire from her occupation at a younger age than normal. Fortunately, Julienne has more than enough income to support herself as a result of years of

receiving a very large salary as a surgeon and a family inheritance. Julienne has invested most of her past employment earnings into a large portfolio which paid

the following amounts during $2023,$ the current year.

View part $1$ of the additional information.

View part $2$ of the additional information.

Read the requirements.

Additional information $($part $2)$

Additional information $($part $1)$

In $2022,$ the previous year, Julienne received a large family inheritance, which

she invested into a rental property. The property was purchased in $2022,$ and

Julienne has claimed the maximum amount of capital cost allowance $($CCA$)$ on

the property in $2022.$ In $2023,$ the opening UCC balance in CCA Class $1$ for the

rental building is $$360,000$ and Julienne would like to claim the maximum CCA

deduction on the rental income in $2023.$ The rental income and expense

information for $2023$ is as follows.Requirement $1.$ Compute Dr$.$ Swafford$\text{'}$s net property income for $2023.$

Fill in the table below to compute the net property income. $($For entries with a$$ $$0$ balance, make sure to enter$"0"$ in the appropriate input field. Round your answers to the nearest cent. Use parentheses or a minus sign for numbers to be$$ subtracted.$)$

Property Income

Amount

Eligible dividends

Ineligible dividends

Interest income

Foreign dividends

Net rental income

Carrying Charges

Net property income