The following financial information is provided for the 2021 taxation year for Angela Fowler Interest income $24.000 Net loss from retail store for the year ended December 31, 2021 (11.000) Gain on sale of public corporation shares 12,000 Loss on sale of shares of a CCPC qualified as a small business corporation (14,000 Dividends from foreign corporations, net of $200 withholding tax 2,800 Loss on sale of land that was originally purchased to build a rental property. The project was cancelled after a rezoning application was lost. (34,000) Gain on sale of an oil painting 5.000 Directors fees for attendance at corporate meetings 10,000 Loss on sale of personal jewellery 9.000 CPP enhanced contributions 173 In 2021. Angela gifted shares of a Canadian-controlled public corporation (CCPC) to her 16-year-old son. The shares, which originally cost $12.000 had a value of $14.000 at the time of the gift Also in 2021. Angela had a rental loss of $6,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $78,000 (land - 13,000, building - $65,000). The class 1 building had an unamortized capital cost of $50,000 at the end of the previous year. On the last day of 2021. Angela sold the property for $108,000 (land - $16,000, building - $92,000). In the previous year, by agreement. Angela obtained the exclusive licence to distribute a certain product in Canada. In 2021, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory, Total proceeds were $28,000. Required: 1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act Required: 1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act Segment A Income $ 0 Segment B Capital Gains and Losses GA 0 Listed Personal Property capital gains and losses $ 0 Other deductions Segment D Losses no $ $ 0 0 The following financial information is provided for the 2021 taxation year for Angela Fowler Interest Income Net loss from retail store for the year ended December 31, 2021 $ 24,000 Gain on sale of public corporation shares (11,000) Loss on sale of shares of CCPC qualified as a small business corporation 12.000 Dividends from foreign corporations, net of $200 withholding tax (14,000) 2,500 Loss on sale of land that was originally purchased to build a rental property. The project was cancelled after a resoning application was lost. Gain on ole of an all painting (34,000) Director's fees for attendance at corporate meetings 3,000 10,000 Loss on sole of personal jewellery 9.000 CPP enhanced contributions 173 In 2021. Angela gifted shares of a Canadian-controlled public corporation (CCPC) to her 16-year-old son. The shares which originally cost $12,000, had a value of $14.000 at the time of the gift Also in 2021. Angela had a rental loss of $6,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $78.000 (land - $13,000, building - $65,000). The class 1 bulding had an unamortized capital cost of $50,000 at the end of the previous year on the last day of 2021. Angela sold the property for $108,000 (land - 516,000, building - $92,000) In the previous year, by agreement. Angelo obtained the exclusive licence to distribute a certain product in Canada In 2021, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory. Total proceeds were $28.000, Required: 1. Calculate Angela's net income for tax purposes for the 2021 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act $ $ 24 000 3,000 v 5 (6000) $ 21,000 $ Segment A Income Interest income Foreign Dividends Employment Income Recapture of CCA on Rental Property Business income (sale of licences) Rental loss Segment B Capital Gains and Losses Taxable Capital Gain on Rental Property 'Allowable Capital Loss on sale of Land Taxable capital gain Gitto Son Taxablo Capital Gain on sale of public corporation shares Listed Personal Property capital gains and losses Allowable capital Loss -Listed Personal Property Taxable capital gain Listed Personal Property Other deductions CPP enhanced contributions 8.000 (17000) 1000 6,000 Ps 5 (2.000) $ 4.000 $ 4,000 (173 $ $ 24,000 3,000 GA $ (6,000) $ 21,000 Segment A Income Interest income Foreign Dividends Employment Income Recapture of CCA on Rental Property Business income (sale of licences) Rental loss Segment B Capital Gains and Losses Taxable Capital Gain on Rental Property Allowable Capital Loss on sale of Land Taxable capital gain - Gift to Son Taxable Capital Gain on sale of public corporation shares Listed Personal Property capital gains and losses Allowable capital Loss - Listed Personal Property Taxable capital gain - Listed Personal Property Other deductions CPP enhanced contributions Segment D Losses Allowable Business Investment Loss (ABIL) Net loss from retail store iNet Income for tax purposes $ 8,000 $ (17,000) $ 1,000 6,000 $ GA (2.000) $ 4,000 $ 4,000 (173) $ (7,000). $ (11,000) $ (18,000) $ 4,827