An individual has the following income for 2022: Rental Income, $40,000 Workers Compensation, $10,000...
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An individual has the following income for 2022: ● Rental Income, $40,000 ● Workers Compensation, $10,000 Business Loss, ($83,000) Taxable capital gains, $6,300 Allowable capital losses, $3,800 ● ● ● Required a. Calculate the non-capital loss for 2022. b. In 2021, the individual had net income of $20,000. Determine the revised taxable income for 2021 if the non-capital loss was carried back. How much non-capital loss would be carried forward after 2022? An individual has the following income for 2022: ● Rental Income, $40,000 ● Workers Compensation, $10,000 Business Loss, ($83,000) Taxable capital gains, $6,300 Allowable capital losses, $3,800 ● ● ● Required a. Calculate the non-capital loss for 2022. b. In 2021, the individual had net income of $20,000. Determine the revised taxable income for 2021 if the non-capital loss was carried back. How much non-capital loss would be carried forward after 2022?
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Answer rating: 100% (QA)
a To calculate the noncapital loss for 2022 we will first add up all of the income s... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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