Reference no: EM132812565
Angel Ramos received the following income in 2020:
Employment income $ 75,000
Non-eligible dividends $ 5,000
Sale of capital assets: Proceeds ACB
Shares in IMZ Co. (public corporation) $ 20,000 $ 12,000
Shares in BAR Co. (public corporation) $ 3,000 $ 10,000
Shares in TRI Inc. to arm's-length party (small business corporation) $ 2,000 $ 7,500
Stamp set $ 1,500 $ 2,500
Personal electronic system $ 3,000 $ 1,000
Coin set $ 4,000 $ 800
Required:
Problem 1: Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act.