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taxation question 6. Susan White incurred the following income, disbursements, and losses in 20XI and 20X2: 20.XI 20X2 $25.000 $28.000 Employment income Proprietorship income 0-
taxation question
6. Susan White incurred the following income, disbursements, and losses in 20XI and 20X2: 20.XI 20X2 $25.000 $28.000 Employment income Proprietorship income 0- 5,000 3.000 O. 10.000 10.000 1.000 1.100 Proprietorship loss Dividend income (non-cligible dividends) Bond interest Business investment in a qualified small business corporation RRSP contribution Taxable capital gains from the sale of public shares Allowable capital losses from the sale of public shares 10.000 -0. (2.000)2.000 2,000 -- 1 000 2.000 LU 20XI was the first year that Susan sold a capital asset. Susan incurred a business loss of $5,000 in 20X0 that was not needed to reduce her taxable income for that year. She has never used her lifetime capital gains deduction, Required: Calculate Susan's minimum taxable income for both years, using the aggregate formulaStep by Step Solution
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