In 20X7, an individual had employment income of $80,000 and a net capital loss of...
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Accounting
In 20X7, an individual had employment income of $80,000 and a net capital loss of $7,500. He also had a 75% interest in a partnership with a $50,000 business loss for the year, and a 50% interest in a related corporation with a $20,000 business loss for the year ended June 30, 20X7. What would be the individual's 20X7 net income for tax purposes?
A)$42,500
B)$32,500
C)$35,000
D)$25,000
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