At the beginning of 2021, Mr. Adam Barker had a 2016 net capital loss carry forward...

  
  

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At the beginning of 2021, Mr. Adam Barker had a 2016 net capital loss carry forward of $13,600 E ($27,200) . During 2021, Mr. Barker had employment income of $115,100. Additional information for the year 2021 is as follows. O (Click the icon to view the additional information.) Mr. Barker realized capital gains of $39,000 in 2010 and $22,000 in 2013. Both capital gains resulted from the sale of QSBC shares with the full capital gains deduction claimed for both. Mr. Barker has only used the capital gains deduction for those capital gains prior to 2021. Mr. Barker would prefer to make maximum use of his capital gains deduction prior to deducting the 2016 net capital loss. First, calculate the Allowable Business Investment Loss (ABIL) for 2021. (Round your answers to the nearest dollar.) 2021 Capital loss Reduction for previous capital gains deductions BIL Inclusion rate 1/2 ABIL Then, calculate the Taxable Income for 2021. (Round your answers to the nearest dollar.) Employment income ABIL Taxable capital gain Allowable capital loss (disallowed ABIL) Net taxable capital gains 2021 Net income Capital gains deduction 2016 Net capital loss deducted 2021 Taxable income Required Calculate Mr. Barker's minimum Net Income for Tax Purposes and Taxable Income for 2021. Provide all of the calculations required to determine the maximum capital gains deduction he may claim for the year. - X Additional information • Mr. Barker sold shares that are QSBC shares for $329,000. The ACB of the shares was $152,000. Selling costs were $1,800. • At the end of the year, Mr. Barker had a CNIL balance of S4,700. • Mr. Barker sold shares of a CCPC that qualified as QSBC shares for $56,000. The ACB of the shares was $228,000. Selling costs were $900. At the beginning of 2021, Mr. Adam Barker had a 2016 net capital loss carry forward of $13,600 E ($27,200) . During 2021, Mr. Barker had employment income of $115,100. Additional information for the year 2021 is as follows. O (Click the icon to view the additional information.) Mr. Barker realized capital gains of $39,000 in 2010 and $22,000 in 2013. Both capital gains resulted from the sale of QSBC shares with the full capital gains deduction claimed for both. Mr. Barker has only used the capital gains deduction for those capital gains prior to 2021. Mr. Barker would prefer to make maximum use of his capital gains deduction prior to deducting the 2016 net capital loss. First, calculate the Allowable Business Investment Loss (ABIL) for 2021. (Round your answers to the nearest dollar.) 2021 Capital loss Reduction for previous capital gains deductions BIL Inclusion rate 1/2 ABIL Then, calculate the Taxable Income for 2021. (Round your answers to the nearest dollar.) Employment income ABIL Taxable capital gain Allowable capital loss (disallowed ABIL) Net taxable capital gains 2021 Net income Capital gains deduction 2016 Net capital loss deducted 2021 Taxable income Required Calculate Mr. Barker's minimum Net Income for Tax Purposes and Taxable Income for 2021. Provide all of the calculations required to determine the maximum capital gains deduction he may claim for the year. - X Additional information • Mr. Barker sold shares that are QSBC shares for $329,000. The ACB of the shares was $152,000. Selling costs were $1,800. • At the end of the year, Mr. Barker had a CNIL balance of S4,700. • Mr. Barker sold shares of a CCPC that qualified as QSBC shares for $56,000. The ACB of the shares was $228,000. Selling costs were $900.

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Taxable Income Net income is the amount that is available with an enterprise after meeting all the e... View the full answer