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.

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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