The following selected tax information has been taken from the books and records of your client, Mr.
Question:
Non-capital loss arising in 2008 $33,000
Net capital loss arising in 2009 25,000
Listed personal property loss arising in 2008 5,000
Mr. Weilman was not a member of a registered pension plan and, hence, his pension adjustment for the relevant years was nil. His earned income for 2010 was $33,250.
REQUIRED
Prepare a schedule for the calculation of income and taxable income for 2011 and 2012, in accordance with the ordering rules under Divisions B and C, after applying any loss carry forward and loss carry back provisions through an amended return. (Deal with each item line-by-line across the years, rather than computing income one year at a time.)
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Step by Step Answer:
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett