Question: The following information has been provided by your client, Mr. Stanley Norman: Additional Information (1) The above capital gains do not include capital gains from
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Additional Information
(1) The above capital gains do not include capital gains from qualified farm property or qualified small business corporation shares.
(2) Mr. Norman had a $21,000 net capital loss which was realized in 2008.
(3) Mr. Norman has not had a capital gain prior to 2010 and did not claim a net capital loss in the period 1985 to 2009.
REQUIRED
Dealing with each item line-by-line across the years, rather than one year at a time:
(A) Determine Mr. Norman's income from the sources indicated for 2010 to 2012 according to the ordering rules in section 3, and
(B) Determine Mr. Norman's taxable income from the sources indicated from 2010 to 2012 according to the ordering rules in Division C after amending the returns.
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2010 20112012 Employment income Property income (C $75,000 $80,000 90,000 160,000 18,000 22,500 80,000 36,000 54,000 Business investment loss (BIL)...
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