2018 2019 2020 Losses are represented in brackets Income from employment $70,000 $85,000 $78,000 Income from property ($35,000) $20,000 ($15,000) Income from self-employment $50,000 $55,000 ($55,000) Capital gain (loss) from selling shares in 123 Ltd., a public company $2,500 $3,500 ($1,200) Capital gain (loss) from selling PUP $1,000 ($1,000) $2,500 Capital gain (loss) from selling LPP $3,000 $5,000 $7,500 Capital gain (loss) from selling shares in 456 Inc., a small business corporation ($22,000) $27,000 0 Irene has the following loss information from previous years: 

• LPP carryover loss from 2016 of $1,000 

• Net capital loss from 2017 of $10,000 

• Non-capital loss from 2012 of $25,000 

• No QSBC deduction available. 

She used all her $883k lifetime limit last year when she sold one of her businesses. Required: You need to calculate the Division B income, apply any Division C deductions, determine the taxable income, and calculate any unused losses which can be used in other taxation years.

Answer rating: 100% (QA)

Determination of taxable income Particulars 2018 amount in 2019amount i... View the full answer