Calculate 2020 income for Jack pursuant to the ordering rules of section 3 for the following 

Part 1 

Business profits from Niagara Transport, a sole proprietorship $ 160,000 

Sold ABC Co shares for a gain $ 10,000 

Sold XYZ Co shares for a loss $ 75,000 

Sold VacuumCo shares, a SBC, for a loss $ 45,000 

Other facts Part 2 Part 3 In 2009, Jack recognized a taxable capital gain (net of income inclusion factor) on the sale of his business in 2009 in the amount of $15,000 which was offset by the available lifetime capital gains exemption. 

How would the response change if Jack recognized a gain in relation to the sale of his business in 1989 in stead of 2009? (Gain still offset by available lifetime capital gains exemption) 

How would the response change if Jack recognized a gain in relation to the sale of business in 2009 but the size of the gain that was offset by the lifetime capital gains exemption was 500,000.

Answer rating: 100% (QA)

Part 1 Business profits from Niagara Transport a sole proprietorship 160000 Sold ABC Co shares ... View the full answer