Angel Ramos received the following income in 2020: Employment income $ 75,000 Non-eligible dividends $ 5,000 Sale
Fantastic news! We've Found the answer you've been seeking!
Question:
Angel Ramos received the following income in 2020:
| Employment income | $ 75,000 | |
| Non-eligible dividends | $ 5,000 | |
| Sale of capital assets: | Proceeds | ACB |
| Shares in IMZ Co. (public corporation) | $ 20,000 | $ 12,000 |
| Shares in BAR Co. (public corporation) | $ 3,000 | $ 10,000 |
| Shares in TRI Inc. to arm's-length party (small business corporation) | $ 2,000 | $ 7,500 |
| Stamp set | $ 1,500 | $ 2,500 |
| Personal electronic system | $ 3,000 | $ 1,000 |
| Coin set | $ 4,000 | $ 800 |
Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act. (CPP for enhanced contribution = $166.)
Expert Answer:
Related Book For 
Posted Date:
