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Question - J.T. Taxpayer Jr., age 22, is a part-time student at Mohawk College. He has provided you with the following information:
Net employment income from his summer job $5,800
Net business loss from his unincorporated business (16,000)
Spousal support payments made (a Subdivision e deduction) 1,900
Public transit passes to and from the summer job 240
Capital gains 3,750
Capital losses (7,200)
Tuition fees paid in 2020 2,500
Net rental income 4,525
Required -
1) Determine Sam's minimum 2020 Net Income For Tax Purposes.
2) Indicate any carry-over amounts (Hint - there are 3 of them).
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