Net employment income (ITA 5 to 8) = $40,000 Interest income (ITA 12) = $6,100 Taxable amount of dividends (ITA 12) = $2,640 Taxable capital gains (ITA 38 to 55) = $5,500 Allowable capital losses (ITA 38 to 55) = $6,500 Interest expense (bank loan for investment purposes) = $5,500 Investment counsel fees = $300 RRSP deduction (allowed pursuant to ITA 60) = $12,000 ased on the above, the "net property income" reported by Denise Tran pursuant to ITA 3(a) for the current year is: oose the correct answer. A. $8,740 B. $38,460 C. $7,740 D. $2,940

Net employment income (ITA 5 to 8) = $40,000 Interest income (ITA 12) = $6,100 Taxable amount of dividends (ITA 12) = $2,640 Taxable capital gains (ITA 38 to 55) = $5,500 Allowable capital losses (ITA 38 to 55) = $6,500 Interest expense (bank loan for investment purposes) = $5,500 Investment counsel fees = $300 RRSP deduction (allowed pursuant to ITA 60) = $12,000 ased on the above, the "net property income" reported by Denise Tran pursuant to ITA 3(a) for the current year is: oose the correct answer. A. $8,740 B. $38,460 C. $7,740 D. $2,940

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter6: Deductions And Losses: In General

Section: Chapter Questions

Problem 56P

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