Susan White incurred the following income, disbursements, and losses in 20X1 and 20X2:
20X1 was the first year that Susan sold a capital asset.
Susan incurred a business loss of $5,000 in 20X0 that was not needed to reduce her taxable income for that year.
She has never used her lifetime capital gains deduction. Required:
Calculate Susan's minimum taxable income for both years, using the aggregate formula from Section 3 of the Income Tax Act.

Question

Susan White incurred the following income, disbursements, and losses in 20X1 and 20X2:
  20X1 was the first year that Susan sold a capital asset.
Susan incurred a business loss of $5,000 in 20X0 that was not needed to reduce her taxable income for that year.
She has never used her lifetime capital gains deduction. Required:
Calculate Susan's minimum taxable income for both years, using the aggregate formula from Section 3 of the Income Tax Act.

Quizplus · Accepted Answer

The Answer of Susan White incurred the following income, disbursements, and losses in 20X1 and 20X2:
  20X1 was the first year that Susan sold a capital asset.
Susan incurred a business loss of $5,000 in 20X0 that was not needed to reduce her taxable income for that year.
She has never used her lifetime capital gains deduction. Required:
Calculate Susan's minimum taxable income for both years, using the aggregate formula from Section 3 of the Income Tax Act.

Susan White Incurred the Following Income, Disbursements, and Losses in 20X1