Michelle Puxton has the fallowing sources of income and payroll deductions: Employment income $39,400 Interent income 7,000 Taxable capital gain Allowable capital lose 8,000 13,000 RRSP contribution 4,000 Alimony paid 6,600 Requirement: 1. What is Michelle's Net Income for Tax Purposes (in good form, copy the appropriate description of accounts in your answer)? 2. Determine if there are losses that can be carried back and forward.
Michelle Puxton has the fallowing sources of income and payroll deductions: Employment income $39,400 Interent income 7,000 Taxable capital gain Allowable capital lose 8,000 13,000 RRSP contribution 4,000 Alimony paid 6,600 Requirement: 1. What is Michelle's Net Income for Tax Purposes (in good form, copy the appropriate description of accounts in your answer)? 2. Determine if there are losses that can be carried back and forward.
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 47P
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![Michelle Puxton has the following Bourcer of income and payroll deductions:
Employment income
$39,400
Interest income
7,000
Taxable capital gain
Allowable capital lose
8,000
13,000
RRSP contribution
4,000
Alimony paid
6,600
Requirement:
1. What is Michelle's Net Income for Tax Purposes (in good form, copy the appropriate description of accounts in
your anewer)?
2. Determine if there are losses that can be carried back and forward.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb094919f-b934-4b07-9ee8-36b55755fcc7%2F0a18c434-0545-4159-a51f-252b73c29999%2Fg4yel7p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Michelle Puxton has the following Bourcer of income and payroll deductions:
Employment income
$39,400
Interest income
7,000
Taxable capital gain
Allowable capital lose
8,000
13,000
RRSP contribution
4,000
Alimony paid
6,600
Requirement:
1. What is Michelle's Net Income for Tax Purposes (in good form, copy the appropriate description of accounts in
your anewer)?
2. Determine if there are losses that can be carried back and forward.
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