In Billy's attempt to sever all business and personal ties with Canada before beginning long-term and permanent employment in Beijing, he sold all his personal assets and most of his investments.

Additional Information:
€¢ All years available for a principal residence designation were used to exempt the gain on the personal residence, leaving no years available to designate the fishing lodge.
€¢ The business loan was made to a private company which is now in receivership.
€¢ Billy has never claimed a capital gains exemption.
REQUIRED
Assuming that Billy has employment income of $48,000, calculate his income for tax purposes.

Transcribed Image Text:

Disposition costs Sale Description Cost $3,600 Personal residence Household furniture Skis, bicycle, d skates Rights to season ickets Paintings Chevrolet Fishing lodge Business loan private ABC shares (public co.) 175,000 125,000 35,000 1,200 3,500 1,900 12,000 31,000 8,000 20,000 20,000 750 4,000 2,400 3,600 45,000 800 0 120 350 4,500 46,000 200