Q. No. 5. In the current year, Phillip Hard earned the following income: Employment income Property...

 

 

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Q. No. 5. In the current year, Phillip Hard earned the following income: Employment income Property income Gains: Shares of Corporation X $12,000 Personal-use property $80,000 2,000 7,000 Listed personal property 1,600 20,600 Losses: Shares of Corporation Y (15,000) Shares of small business corporation (4,000) Listed personal property (300) (19,300) $83,300 Determine net income in accordance with the aggregating formula in Section 3 of the ITA. Assume Other deductions total $1,000. Mark -10 Q. No. 5. In the current year, Phillip Hard earned the following income: Employment income Property income Gains: Shares of Corporation X $12,000 Personal-use property $80,000 2,000 7,000 Listed personal property 1,600 20,600 Losses: Shares of Corporation Y (15,000) Shares of small business corporation (4,000) Listed personal property (300) (19,300) $83,300 Determine net income in accordance with the aggregating formula in Section 3 of the ITA. Assume Other deductions total $1,000. Mark -10

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To determine Phillip Hards net income in accordance with the aggregating formula in Section 3 of the ... View the full answer