Ms. Burke had net employment income of $21,000 and net rental income of $55,000. Her unincorporated...

 

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Ms. Burke had net employment income of $21,000 and net rental income of $55,000. Her unincorporated business lost $122,300 during this period. As the result of dispositions of capital property, she had taxable capital gains of $17,400 and allowable capital losses of $9,200. Her Subdivision e deductions for the year totaled $16,300. Fortunately for Ms. Burke, she won $1,000,000 in a lottery on March 3. Required: Calculate Ms. Burke's Net Income For Tax Purposes (Division B income). ITA 3(a) Net employment income Net rental income Subtotal 3(a) ITA 3(b) Taxable capital gains Allowable capital losses Subtotal 3(b) Subtotal 3(a) + 3(b) ITA 3(c) Subdivision e deductions Subtotal 3(c) Subtotal 3(a) + 3(b) - 3(c) ITA 3(d) Net business loss Subtotal 3(d) Net Income for tax purposes Indicate the amount and type of any loss carry overs that would be available at the end of the current year, or state that no carry overs are available. Ms. Burke had net employment income of $21,000 and net rental income of $55,000. Her unincorporated business lost $122,300 during this period. As the result of dispositions of capital property, she had taxable capital gains of $17,400 and allowable capital losses of $9,200. Her Subdivision e deductions for the year totaled $16,300. Fortunately for Ms. Burke, she won $1,000,000 in a lottery on March 3. Required: Calculate Ms. Burke's Net Income For Tax Purposes (Division B income). ITA 3(a) Net employment income Net rental income Subtotal 3(a) ITA 3(b) Taxable capital gains Allowable capital losses Subtotal 3(b) Subtotal 3(a) + 3(b) ITA 3(c) Subdivision e deductions Subtotal 3(c) Subtotal 3(a) + 3(b) - 3(c) ITA 3(d) Net business loss Subtotal 3(d) Net Income for tax purposes Indicate the amount and type of any loss carry overs that would be available at the end of the current year, or state that no carry overs are available.

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