Reference no: EM133163300

Question - Kent Kennon (55 years old) is married to Samantha (50 years old). They have two children, Cassandra (age 19) and Matteo (age 15). Susan is a full-time student and is attending Mount Saint Vincent University. David is in high school. Samantha is a lawyer, and her net income is $98,000 per year. Kent is a building contractor and is self-employed. His net business income (as a sole proprietorship) for the current year was $86,000.

In the current year, Kent received interest income of $1,800 from TD Bank (a Canadian bank), and a dividend of $1,500 (the actual amount of the dividend) from Canco Ltd, a Canadian public corporation. He also received dividends from Micro Widgets Ltd (an American corporation) in the amount of $1,250 (when translated from US to Canadian dollars).

In October, Kent disposed of various shares and marketable securities, which resulted in a taxable capital gain of $8,000, and he disposed of land for a capital loss of $10,000. John also had a net business loss of $6,000. Also, Kent had a non-capital loss carry forward of $2,000 from the previous year.

Required - Calculate Kent's Net Income for the Year and Taxable Income.