Despite having a full time teaching position at a Canadian university, Bob Fife has considerable amounts of free time. Given this, he has started a farming operation on a tract of land near the university where he teaches. In 2019, he had a loss on the farming operation of $24,000. He deducted the maximum possible amount in that year.
In 2020, he has employment income of $105,000 and the farming operation produces additional income in the amount of $6,000. Determine Bob's minimum 2020 Net Income For Tax Purposes and Taxable Income. Also, determine the amount and type of any losses available for carry forward at the end of 2020.

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The Answer of Despite having a full time teaching position at a Canadian university, Bob Fife has considerable amounts of free time. Given this, he has started a farming operation on a tract of land near the university where he teaches. In 2019, he had a loss on the farming operation of $24,000. He deducted the maximum possible amount in that year.
In 2020, he has employment income of $105,000 and the farming operation produces additional income in the amount of $6,000. Determine Bob's minimum 2020 Net Income For Tax Purposes and Taxable Income. Also, determine the amount and type of any losses available for carry forward at the end of 2020.

Despite Having a Full Time Teaching Position at a Canadian