During 2020, Andy Loon earned $4,500 in foreign non-business income. The foreign jurisdiction withheld 20 percent of this amount, resulting in a net receipt of $3,600. His only other source of income in 2020 is a taxable capital gain of $38,000. His only deduction in the determination of Taxable Income is a $26,000 net capital loss carry forward. His only tax credits are the basic personal credit and the credit for foreign tax paid. Determine Mr. Loon's 2020 Net Income For Tax Purposes, his 2020 Taxable Income, and his 2020 federal Tax Payable.

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The Answer of During 2020, Andy Loon earned $4,500 in foreign non-business income. The foreign jurisdiction withheld 20 percent of this amount, resulting in a net receipt of $3,600. His only other source of income in 2020 is a taxable capital gain of $38,000. His only deduction in the determination of Taxable Income is a $26,000 net capital loss carry forward. His only tax credits are the basic personal credit and the credit for foreign tax paid. Determine Mr. Loon's 2020 Net Income For Tax Purposes, his 2020 Taxable Income, and his 2020 federal Tax Payable.

During 2020, Andy Loon Earned $4,500 in Foreign Non-Business Income