Solution-Calculate loss carryovers that will be available

Calculate loss carryovers that will be available to danica

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Reference no: EM132832468

Danica Schmidt had net employment income of $66,000 during 2020. Danica also had:

a capital gain on the sale of shares of $27,000
a capital loss on the sale of land of $48,000
interest income of $10,250
net rental loss of $6,750
a loss from her unincorporated business of $28,000

In addition, Danica made spousal support payments of $14,000 and contributed $3,000 to her RRSP.

Required:

Problem a. Calculate Danica's Net income for Tax Purposes for 2020. For full marks your work must be clearly labelled.

Problem b. Calculate any loss carryovers that will be available to Danica at the end of the year and label what type of loss carryover they are.

Reference no: EM132832468

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Calculate loss carryovers that will be available to danica

Reference no: EM132832468

Reference no: EM132832468

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