Please calculate NITP for Emerson using section 3 format for the 2020 taxation year based on...

 

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Please calculate NITP for Emerson using section 3 format for the 2020 taxation year based on the facts provided below. Indicate the amount and type of any loss carryovers that would be available at the end of the current year, or state that no carry overs are available. Scenario 1 Facts Amount Emerson was paid salary by virtue of being an employee of Apple Inc. Emerson was paid a bonus by Apple Inc. which was earned in 2020 on May 15, 2020 Emerson invested in Canada Savings Bonds and earned interest income Emerson sold shares of Blackberry, a publicly traded corporation and realized an allowable capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income 83,480 40,000 4,622 (4,835) 48,492 200,000 Emerson had deductible child care costs (9,372) Scenario 2 Facts Amount Brookfield Partnership, of which Emerson owns a 50% interest, generated business income Brookfield Partnership, of which Emerson owns a 50% interest, generated rental loss Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income 144,876 (19,692) (14,978) 8,466 715,000 Emerson had deductible RRSP contributions (22,000) Scenario 3 Facts Amount Emerson was paid salary by virtue of being an employee of Apple Inc. 27,234 Emerson was paid a bonus by Apple Inc. which was earned in 2020 on December 31, 2020 20,000 Emerson was paid a bonus by Apple Inc. which was earned in 2020 on July 31, 2021 Brookfield Manufacturing, Emerson's sole proprietorship, generated a business loss Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income 15,000 (68,672) (9,332) 12,472 105,000 Emerson had deductible child care costs (3,922) *Brookfield Manufacturing has revenues of 60,000 and expenses of 128,672 Scenario 4 Facts Brookfield Partnership, of which Emerson owns a 50% interest, generated business income Brookfield Partnership, of which Emerson owns a 50% interest, generated rental loss 87,924 (144,920) Emerson is a beneficiary of the Emerson Trust which earned business income 15,000 Emerson invested in Canada Savings Bonds and earned interest income Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson has deductible moving expenses 6,250 (23,874) 12,376 (7,387) Please calculate NITP for Emerson using section 3 format for the 2020 taxation year based on the facts provided below. Indicate the amount and type of any loss carryovers that would be available at the end of the current year, or state that no carry overs are available. Scenario 1 Facts Amount Emerson was paid salary by virtue of being an employee of Apple Inc. Emerson was paid a bonus by Apple Inc. which was earned in 2020 on May 15, 2020 Emerson invested in Canada Savings Bonds and earned interest income Emerson sold shares of Blackberry, a publicly traded corporation and realized an allowable capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income 83,480 40,000 4,622 (4,835) 48,492 200,000 Emerson had deductible child care costs (9,372) Scenario 2 Facts Amount Brookfield Partnership, of which Emerson owns a 50% interest, generated business income Brookfield Partnership, of which Emerson owns a 50% interest, generated rental loss Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income 144,876 (19,692) (14,978) 8,466 715,000 Emerson had deductible RRSP contributions (22,000) Scenario 3 Facts Amount Emerson was paid salary by virtue of being an employee of Apple Inc. 27,234 Emerson was paid a bonus by Apple Inc. which was earned in 2020 on December 31, 2020 20,000 Emerson was paid a bonus by Apple Inc. which was earned in 2020 on July 31, 2021 Brookfield Manufacturing, Emerson's sole proprietorship, generated a business loss Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson owns 100% of the outstanding shares of Empire Ltd. The corporation generated net income 15,000 (68,672) (9,332) 12,472 105,000 Emerson had deductible child care costs (3,922) *Brookfield Manufacturing has revenues of 60,000 and expenses of 128,672 Scenario 4 Facts Brookfield Partnership, of which Emerson owns a 50% interest, generated business income Brookfield Partnership, of which Emerson owns a 50% interest, generated rental loss 87,924 (144,920) Emerson is a beneficiary of the Emerson Trust which earned business income 15,000 Emerson invested in Canada Savings Bonds and earned interest income Emerson sold shares of Blackberry, a publicly traded corporation and realized a capital loss Emerson sold shares of Netflix, a publicly traded corporation and realized a capital gain Emerson has deductible moving expenses 6,250 (23,874) 12,376 (7,387)