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Your neighbour, Mrs. White, has heard that you were studying personal tax. She has come to you with her financial information for 2020. Mrs. White
Your neighbour, Mrs. White, has heard that you were studying personal tax. She has come to you with her financial information for 2020. Mrs. White is a resident of Canada for tax purposes: - Employment income $40,000 - Business X profit 8,000 Business Y loss 22.000 . RRSP Withdrawal 2.000 interest income 3,000 Taxable Capital gain on sale of land 10,000 Alimony payments (spousal support) 2.000 - Capital loss on sale of securities 24,000 Allowable business investment loss 5.000 Required: Determine Mrs. White's net income for tax purposes in accordance with Section 3 of the income Tox Act (Show your calculations for Paragraphs 3(a), 3(6), 3(c) and 3(d) of income Tax Act) F10 IPG Or ALT-FN-F10 (Mac)
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