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QUESTIONS (291) Randal Grichuk has the following net income on line 23600 of his 2021 personal income tax return: Employment income 95,291 Taxable capital gains
QUESTIONS (291) Randal Grichuk has the following net income on line 23600 of his 2021 personal income tax return: Employment income 95,291 Taxable capital gains 5,000 Net rental income 20,500 Total income (line 15000) 120.791 Registered pension plan contributions (10.000) Deductible spousal support payments (12,000) Deduction for CPP enhanced contributions Net income (line 23600) 98,500 According to Randal's 2018 income tax return, he has a net capital loss carry forward of $7,500. This was the result of stock market losses incurred in 2018. This loss amount is still available in full to be carried back to a previous year or carried forward to a future year. Randal realized a non-capital loss of $15,000 in 2016. This was largely due to a net rental loss incurred in that year. Of this loss, $2,000 was carried back to 2014, $2,000 was carried back to 2015 and $1,000 was carried forward to 2017. The remaining loss amount is unapplied. What is the minimum amount of taxable income that Randal Grichuk has to report on line 26000 of his 2021 personal income tax return? Round your answer to the nearest dollar. (Hint: assignment problem 10-20 (M) will greatly assist you with this question). **IMPORTANT: do not include the dollar sign ($) in your answer. For example, if your answer is $10,000, please write it as 10000 or 10,000. Do not write it as $10,000** 2,500 QUESTIONS (291) Randal Grichuk has the following net income on line 23600 of his 2021 personal income tax return: Employment income 95,291 Taxable capital gains 5,000 Net rental income 20,500 Total income (line 15000) 120.791 Registered pension plan contributions (10.000) Deductible spousal support payments (12,000) Deduction for CPP enhanced contributions Net income (line 23600) 98,500 According to Randal's 2018 income tax return, he has a net capital loss carry forward of $7,500. This was the result of stock market losses incurred in 2018. This loss amount is still available in full to be carried back to a previous year or carried forward to a future year. Randal realized a non-capital loss of $15,000 in 2016. This was largely due to a net rental loss incurred in that year. Of this loss, $2,000 was carried back to 2014, $2,000 was carried back to 2015 and $1,000 was carried forward to 2017. The remaining loss amount is unapplied. What is the minimum amount of taxable income that Randal Grichuk has to report on line 26000 of his 2021 personal income tax return? Round your answer to the nearest dollar. (Hint: assignment problem 10-20 (M) will greatly assist you with this question). **IMPORTANT: do not include the dollar sign ($) in your answer. For example, if your answer is $10,000, please write it as 10000 or 10,000. Do not write it as $10,000** 2,500
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