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In the current year, Phillip Hard earned the following income: • Employment income • Business Income $90,000 $15,000 • Property income 2,000 • Gains: • Shares of Corporation X $12,000 • Personal-use property 7,000 • Listed personal property 1,600 20,600 • Losses: • Shares of Corporation Y (15,000) • Shares of small business corporation (4,000) • Listed personal property (300) (19,300) $108,300 Determine net income in accordance with the aggregating formula in Section 3 of the ITA. Assume Other deductions total $2,000.

In the current year, Phillip Hard earned the following income: • Employment income • Business Income $90,000 $15,000 • Property income 2,000 • Gains: • Shares of Corporation X $12,000 • Personal-use property 7,000 • Listed personal property 1,600 20,600 • Losses: • Shares of Corporation Y (15,000) • Shares of small business corporation (4,000) • Listed personal property (300) (19,300) $108,300 Determine net income in accordance with the aggregating formula in Section 3 of the ITA. Assume Other deductions total $2,000.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In the current year, Phillip Hard earned the following income: • Employment income • Business Income $90,000 $15,000 • Property income 2,000 • Gains: • Shares of Corporation X $12,000 • Personal-use property 7,000 • Listed personal property 1,600 20,600 • Losses: • Shares of Corporation Y (15,000) • Shares of small business corporation (4,000) • Listed personal property (300) (19,300) $108,300 Determine net income in accordance with the aggregating formula in Section 3 of the ITA. Assume Other deductions total $2,000.
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