Alex has come to you for tax advice for 2020. He has identified the following...
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Accounting
Alex has come to you for tax advice for 2020. He has identified the following income for 2020 and would like you to calculate the effects of the above on his income, taxable income, and loss carry forward for the year.
Employment $ 40,000
Lottery winnings. 3,000
Stock option benefit. 5,000
Division C deduction for stock option (2,500)
Business (60,000)
Taxable capital gain 15,000
Allowable capital loss (20,000)
Inheritance from his grandmother 12,000
Dividends
Cash 1,000
Gross-up 150
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