Taxation ACTG $3002$ Assignment $5$ Comprehensive Assignment Chapters $1-8$ Family Information who is $12$ years old and qualifies for the disability tax credit. Louis has $2024$ net income of $$1,200,$ which is interest income from an inheritance. $($Note: This amount is not subject to any attribution rules, which are discussed in Chapter $9.)$ Jasperina$$s mother, Jackie, lives with them in Alberta and provides care for Louis. She is in excellent health. Her net income for $2024$ is in excess of $$150,000.$ Jasperina has offered to pay her for her services, but Jackie has refused to accept any payment. Employment Information Jasperina is the chief financial officer of a large public corporation and has an annual salary of $$252,000.$ Her employer offered her various alternatives in additional compensation and she chose the health care package. As a result, all of her medical or dental expenses are fully covered. Her employer withheld the following amounts from her employment income: RPP contributions EI CPP $$3,2001,0494,056$ Jasperina$$s employer makes a matching contribution to her RPP of $$3,200.$ Jasperina$$s employer also reimbursed her $$4,900$ for three evening courses that she attended at a local college in $2024.$ They were accounting, tax, and human resource courses taken at the request of the president of the company. Every employee received a holiday basket with a FMV of $$300.$ The basket included a fitness activity tracker and a T$-$shirt, baseball cap, sunglasses and water bottle with the company name and logo printed on them. Business Income In addition to her employment income, Jasperina carries on a business as a sole proprietor in which she provides counselling and training for parents who have disabled children. In $2022,$ Jasperina rented a small commercial condo in which to carry on her business. As revenues for her business have increased rapidly, on February $1,2024,$ she purchased a much larger new condo in the same complex for $$368,000$ for her business. She obtained a mortgage from the bank for $$175,000$ to finance the purchase. She had to spend $$78,200$ on renovations to make the new condo suitable for business purposes. She moved into the newly purchased condo on February $1,2024,$ the day the lease expired on the rented condo. On January $1,2024,$ Jasperina owned Class $8$ properties with a UCC balance of $$16,888.$ The new tenants of the old rental unit purchased some of these properties for $$5,000.$ The properties that Taxation ACTG $3002$ Assignment $5$ Comprehensive Assignment Chapters $1-8$ were sold had a capital cost of $$23,000.$ The remainder of the Class $8$ properties were moved to the new condo. In $2024,$ Jasperina purchased additional Class $8$ properties at a capital cost of $$28,000.$ For $2024,$ the accounting$-$based business income determined using Accounting Standards for Private Enterprises $($ASPE$)$ was $$133,656.$ Included in this amount were the following: Amortization expense $$16,900$ Business meals and entertainment Municipal property tax new unit Mortgage interest Rent expense$$January to October Other Information $1,5004,5009,90018,0001.$ In $2024,$ Jasperina received eligible dividends of $$45,123$ and received interest income of $$1,200$ from her bank. $2.$ At the beginning of $2024,$ Jasperina purchased $2,000$ units of the Schwartz Mutual Trust Fund for $$10$ per unit. In $2024,$ the trust made distributions of $$3\mathrm{.}20$ per unit, all of which was a return of capital. Jasperina invested all of this distribution in additional trust units at $$15$ per unit. In December $2024,$ all of her Schwartz units were sold for $$19$ per unit. $3.$ Jasperina$$s late father was an amateur painter who didn$$t sell a single painting while he was alive. He gave Jasperina a number of his paintings over the years. It was estimated that the FMV of the paintings when Jasperina inherited them was negligible $($i$.$e$.,$ nil$).$ Shortly after his death, he was $$discovered$$ and his paintings were in demand. In $2024,$ she sold two of his large paintings for $$10,000.4.$ Jasperina also inherited a piece of land from her father many years ago. At his death, the land had an ACB of $$57,000$ and a FMV of $$233,000.$ Jasperina had held on to the land with the intention of building a yoga retreat on the site when she found the time to design it$.$ However, in $2024$ she received an unsolicited offer for the property of $$400,000.$ She accepted the offer and immediately received a payment of $$400,000.5.$ Jasperina also sold a sailboat that cost $$162,000$ for $$123,000.$ Required: Calculate Jasperina$$s minimum net income, taxable income, and her federal income tax payable for $2024.$ Ignore provincial income tax, any instalments she may have paid during the year, any income tax withholdings that would be made by her employer