Question: 1. Briefly explain the difference, for individuals, between net income for tax purposes and taxable income. 2. If an individual has a net taxable capital

1. Briefly explain the difference, for individuals, between net income for

1. Briefly explain the difference, for individuals, between net income for tax purposes and taxable income. 2. If an individual has a net taxable capital gain in a year that qualifies for a capital gain deduction, is there any advantage to not claiming the applicable portion of the deduction in that year? Explain

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