Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Requirement 2. Calculate the net taxable capital gain for Dr. James Cloutier for the current year. (Round your answer to the nearest cent.) The net taxable gain for the year is Requirement 3 (a). What are the rules in regard to the carry-back and carry-forward rules for capital losses? Do these rules differ from the rules that apply to non-capital losses? Requirement 3(c). Dr. Cloutier asks you about the "ordering rules" in regard to loss carry-forwards. Explain your response. Loss carryovers can be applied at the discretion of the taxpayer as long as the [] loss carryover is utilized first. List of assets Additional information: The home was the principal residence for Dr. Cloutier and his former spouse for 10 years, ending in the current taxation year. Last year, Dr. Cloutier sold his cabin at the lake, which he claimed as his principal residence for two taxation years (the cabin at the lake was designated as Dr. Cloutier's principal residence for the two most recent taxation years.) Therefore, this home cannot be claimed as Dr. Cloutier's principal residence for those years. 14 1 1 Additional information: Dr. Cloutier had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Cloutier paid legal fees related to this sale of shares of $16,590. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Proceeds of Disposition Original Price Paid Westjet shares $48 per share (December) Various Additional information: Dr. Cloutier purchased the Westjet shares over a period of time. Several years ago, he purchased 1,200 shares for $21 per share. In January of the previous taxation year, Dr. Cloutier purchased 800 shares for $19 per share. In April of the previous taxation year, Dr. Cloutier sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Cloutier purchased 1,100 shares for $28 per share. In October of the current taxation year, Dr. Cloutier purchased another 1,400 shares for $35 per share. In December of the current year, Dr. Cloutier sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions. Requirement 1. Calculate the capital gain (or loss) for each of the dispositions in the current taxation year. Fill in the table below showing the capital gain (or loss) for each item. (Round your answers to the nearest cent. Enter losses with parentheses or a minus sign.) Requirement 2. Calculate the net taxable capital gain for Dr. James Cloutier for the current year. (Round your answer to the nearest cent.) The net taxable gain for the year is Requirement 3 (a). What are the rules in regard to the carry-back and carry-forward rules for capital losses? Do these rules differ from the rules that apply to non-capital losses? Requirement 3(c). Dr. Cloutier asks you about the "ordering rules" in regard to loss carry-forwards. Explain your response. Loss carryovers can be applied at the discretion of the taxpayer as long as the [] loss carryover is utilized first. List of assets Additional information: The home was the principal residence for Dr. Cloutier and his former spouse for 10 years, ending in the current taxation year. Last year, Dr. Cloutier sold his cabin at the lake, which he claimed as his principal residence for two taxation years (the cabin at the lake was designated as Dr. Cloutier's principal residence for the two most recent taxation years.) Therefore, this home cannot be claimed as Dr. Cloutier's principal residence for those years. 14 1 1 Additional information: Dr. Cloutier had to liquidate some shares of his privately owned professional corporation (which operates his dental practice) to pay for a settlement to his former spouse. Dr. Cloutier paid legal fees related to this sale of shares of $16,590. Please note that these shares do not meet the definition of Qualified Small Business Corporation Shares (QSBC). Asset Description Proceeds of Disposition Original Price Paid Westjet shares $48 per share (December) Various Additional information: Dr. Cloutier purchased the Westjet shares over a period of time. Several years ago, he purchased 1,200 shares for $21 per share. In January of the previous taxation year, Dr. Cloutier purchased 800 shares for $19 per share. In April of the previous taxation year, Dr. Cloutier sold 1,100 shares at $20 per share to buy a gift for his wife. In June of the current taxation year, Dr. Cloutier purchased 1,100 shares for $28 per share. In October of the current taxation year, Dr. Cloutier purchased another 1,400 shares for $35 per share. In December of the current year, Dr. Cloutier sold all of his remaining Westjet shares. There are no brokerage fees on any of the Westjet share transactions