Harvey Nicastro has current year employment income of $45,000. In addition, he has the following additional...

 

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Harvey Nicastro has current year employment income of $45,000. In addition, he has the following additional sources of income, gains, and losses: A loss from a business carried on as a sole proprietorship of $23,000. Interest income of $4,500. A taxable capital gain of $13,500. An allowable capital loss of $18,200. Deductible spousal support paid of $24,000. A rental loss of $14,500. Determine Harvey's minimum current year net income and indicate the amount and type of any loss carry overs for the year. Show all of your calculations. Harvey Nicastro has current year employment income of $45,000. In addition, he has the following additional sources of income, gains, and losses: A loss from a business carried on as a sole proprietorship of $23,000. Interest income of $4,500. A taxable capital gain of $13,500. An allowable capital loss of $18,200. Deductible spousal support paid of $24,000. A rental loss of $14,500. Determine Harvey's minimum current year net income and indicate the amount and type of any loss carry overs for the year. Show all of your calculations.

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