Irene’s 2021 income and expenses were as follows:

• Employment income $ 82,000
• Deductible employment expenses $7,100
• Business income $42,000
• Deductible business expenses $105,000

• Rental income $ 12,000
• Deductible rental expenses 37,000
• Dividends required to be included in income $ 10,000
• Interest on loan to purchase the shares $19,000
• Taxable capital gains $ 58,000
• Allowable capital losses $37,000
• Allowable business investment loss (ABIL) of $37,000 $104,000

Determine Irene’s income for the 2021 year. Follow the ITA 3 format (paragraph 3a, 3b, 3c, and 3d). Show all your work. Indicate whether or not there are any loss carryovers.

Answer rating: 100% (QA)

EXPERT ANSWER Income from house property head 8400 Rental ... View the full answer