During the taxation year, Dan Workman earned $29,000 in employment income and $38,000 in rental income. He had capital gains of $39,000 and an allowable capital loss of $18,000. His business did not do well this year and his business loss for the year was $119,000. Calculate Dan's net income for tax purposes.

During the taxation year, Dan Workman earned $29,000 in employment income and $38,000 in rental income. He had capital gains of $39,000 and an allowable capital loss of $18,000. His business did not do well this year and his business loss for the year was $119,000. Calculate Dan's net income for tax purposes.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions

Section: Chapter Questions

Problem 18DQ

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