Question: Can you Please explain me this Problem the way it's Required? Thanks! Anita Lopez operates a full-time law practice In eastern Ontario. In her spare
Can you Please explain me this Problem the way it's Required? Thanks!


Anita Lopez operates a full-time law practice In eastern Ontario. In her spare time, she maintains a small rural acreage for the purpose of growing and selling Christmas trees. In addition, she derives Income from various Investments and is an art collector Below are her nancial results for 2020. Net Income from lav-rr practice $107,000 Loss on tree farm operation {11,500} Gross rents received on residential rental property 31,000 Operating expenses on residential rental property before capital cost (41,000} allowance Gain on sale of shares of public corporations 88,000 Loss on sale of summer cottage {6,000} Gain on sale of oil painting 10,000 Gain on sale of shares of a small business corporation 22,000 Lu mpsum payment to errspouse as part of divorce settlement (44,000} Loss on sale of shares of a public corporation {15,000} At the end of 2019, the following tax accounts existed: Net listed personal property losses forward from 201? {actual loss] $[5,000} Und epreciated capital cost allowance on rental property $(1?6,000} Net Allowable capital losses $61000} Anita had not previously used any of her lifetime capital gain deduction. Requlred: Required: What Is Anita's taxable Income for 2020? If a Segment Is 0, put 0. 3(a) 3(b) Taxable capital gains: Subtotal Segment B 69 0 3(c) 3(d) Sub total Segment D Net income for tax purposes Deduct: Taxable income 0
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