Susan White incurred the following income,disbursements,and losses in 2018 and 2019:
Additional information:
2017 was the first year that Susan sold a capital asset.
Susan incurred a business loss of $5,000 from her proprietorship in 2017 (the first year of the business)that was not needed to reduce her net income for tax purposes in 2017.
She has never used her lifetime capital gains deduction.
Required:
Calculate Susan's minimum taxable income for 2018 and 2019,in accordance with Section 3 of the Income Tax Act.(Use the appropriate dividend rates for 2018 and 2019.)

Question

Susan White incurred the following income,disbursements,and losses in 2018 and 2019:
  Additional information:
2017 was the first year that Susan sold a capital asset.
Susan incurred a business loss of $5,000 from her proprietorship in 2017 (the first year of the business)that was not needed to reduce her net income for tax purposes in 2017.
She has never used her lifetime capital gains deduction.
Required:
Calculate Susan's minimum taxable income for 2018 and 2019,in accordance with Section 3 of the Income Tax Act.(Use the appropriate dividend rates for 2018 and 2019.)

Quizplus · Accepted Answer

The Answer of Susan White incurred the following income,disbursements,and losses in 2018 and 2019:
  Additional information:
2017 was the first year that Susan sold a capital asset.
Susan incurred a business loss of $5,000 from her proprietorship in 2017 (the first year of the business)that was not needed to reduce her net income for tax purposes in 2017.
She has never used her lifetime capital gains deduction.
Required:
Calculate Susan's minimum taxable income for 2018 and 2019,in accordance with Section 3 of the Income Tax Act.(Use the appropriate dividend rates for 2018 and 2019.)

Susan White Incurred the Following Income,disbursements,and Losses in 2018 and 2019