Larry Hewitt provides you with the following income (losses) for tax purposes for the years 2014 to 2016:

Larry also provides the following additional information: (1) Loss carryovers:

(2) Larry did not claim a capital gains deduction or net capital losses in the years prior to 2014.

REQUIRED
Dealing with each item line-by-line across the years, rather than one year at a time;
(1) Determine Larry’s income for 2014 to 2016 according to the ordering rules in section 3, and
(2) Determine Larry’s taxable income for 2014 to 2016 according to the ordering rule in Division C after amending the returns.

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Employment income Business income: Property income from Canadian interest. Capital gains (capital losses): Listed personal property Other 2014 $25,000 20,000 3,000 6,000 15,000 2015 $ 32,000 (36,000) 4,000 (10,000) (14,000) 2016 $40,000 40,000 5,000 12,000 2,250