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INTRODUCTION TO TAXATION.

Question 8 (8 points) Mr. John Oak has provided you with the following information with respect to the amounts of income and deductions for the tax year. 3 9 12 Source Case A Employment Income 92,000 Business Income (Loss) - sole proprietorship (22,000) Rental Income (Loss) 16,000 Taxable Capital Gains 18,000 Allowable Capital losses (32,000) Subdivision e Deductions (12,000) Required: 1. Calculate Mr. Oaks minimum Division B Income (Net Income for Tax Purposes) in accordance with the ordering rules of section 3 of the Income Tax Act. Marks are awarded for correctly referenced items, Items referenced to the incorrect section 3 paragraph will not receive marks. 2. Stated the amount and type of any loss carryover available if any, otherwise, state that no carryover is available. 15 18 Editor has been enabled to save you time in formatting and I recommend that you take advantage of the create table function. Question 8 (8 points) Mr. John Oak has provided you with the following information with respect to the amounts of income and deductions for the tax year. 3 9 12 Source Case A Employment Income 92,000 Business Income (Loss) - sole proprietorship (22,000) Rental Income (Loss) 16,000 Taxable Capital Gains 18,000 Allowable Capital losses (32,000) Subdivision e Deductions (12,000) Required: 1. Calculate Mr. Oaks minimum Division B Income (Net Income for Tax Purposes) in accordance with the ordering rules of section 3 of the Income Tax Act. Marks are awarded for correctly referenced items, Items referenced to the incorrect section 3 paragraph will not receive marks. 2. Stated the amount and type of any loss carryover available if any, otherwise, state that no carryover is available. 15 18 Editor has been enabled to save you time in formatting and I recommend that you take advantage of the create table function

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