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Your client, Fitzgerald Grant has provided you with the following information regarding his tax years 2017 and 2018: 2017: Mr. Grant started an unincorporated business.
Your client, Fitzgerald Grant has provided you with the following information regarding his tax years 2017 and 2018:
2017:
Mr. Grant started an unincorporated business. Net business income earned for tax purposes in 2017 was $25,000.
Realized a capital gain of $8,000
2018:
Mr. Grant realized the following:
Business loss ($60,000)
Capital gains 6,000
Capital losses (12,000)
Required:
Mr. Grant has indicated that he would like to minimize his loss carryovers. Indicate the amount and type of any losses available for carry forward at the end of 2018.
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