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Sophia had net employment income of $35,000. Unfortunately, her unincorporated juice business suffered a net business loss of $10,000. In contrast, she had a very
Sophia had net employment income of $35,000. Unfortunately, her unincorporated juice business suffered a net business loss of $10,000. In contrast, she had a very good year in the stock market, earning $12,000 in total (dividends and interest) from her investments and realizing the following gains and losses during the current year: Capital Gains $84,000 Capital Losses $36,000 Also during the current year, Sophia made deductible contributions of $4,000 to her RRSP (note this is a Subdivision e deduction in para. 3(c)). Required: Calculate Sophia's Net Income For Tax Purposes (Division B income) according to the aggregating formula for the current year. Apply the NIFTP formula appropriately when adding various amounts. This question requires you to fill in the 12 boxes below. Write all inputs as a whole POSITIVE number. If there are boxes you wish to leave blank, please enter a number zero "O". Blank boxes will receive a grade of zero. Do not write a negative sign, $."", commas or brackets. 3(a) Employment Income Business Income Property Income Total from 3(a) 3(b) Taxable Capital Gains Allowable Capital Losses Total from 3(b) 3(c) Subdivision e Deductions only 3(d) Business Loss Property Loss Total from 3(d) Net Income for Tax Purposes Sophia had net employment income of $35,000. Unfortunately, her unincorporated juice business suffered a net business loss of $10,000. In contrast, she had a very good year in the stock market, earning $12,000 in total (dividends and interest) from her investments and realizing the following gains and losses during the current year: Capital Gains $84,000 Capital Losses $36,000 Also during the current year, Sophia made deductible contributions of $4,000 to her RRSP (note this is a Subdivision e deduction in para. 3(c)). Required: Calculate Sophia's Net Income For Tax Purposes (Division B income) according to the aggregating formula for the current year. Apply the NIFTP formula appropriately when adding various amounts. This question requires you to fill in the 12 boxes below. Write all inputs as a whole POSITIVE number. If there are boxes you wish to leave blank, please enter a number zero "O". Blank boxes will receive a grade of zero. Do not write a negative sign, $."", commas or brackets. 3(a) Employment Income Business Income Property Income Total from 3(a) 3(b) Taxable Capital Gains Allowable Capital Losses Total from 3(b) 3(c) Subdivision e Deductions only 3(d) Business Loss Property Loss Total from 3(d) Net Income for Tax Purposes
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