You are provided with the following amounts for Susan Kim for the current year: • Net employment income (ITA 5 to 8) = $35,000 • Interest income (ITA 12) = $5,700 • Taxable amount of dividends (ITA 12) = $2,620 • Taxable capital gains (ITA 38 to 55) = $2,500 • Allowable capital losses (ITA 38 to 55) = $3,500 • Interest expense (bank loan for investment purposes) = $2,500 • Investment counsel fees = $900 • RRSP deduction (allowed pursuant to ITA 60) = $9,500 Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is: Choose the correct answer. O A. $7,320 B. $8,320 C. $33,460 D. $4,920
You are provided with the following amounts for Susan Kim for the current year: • Net employment income (ITA 5 to 8) = $35,000 • Interest income (ITA 12) = $5,700 • Taxable amount of dividends (ITA 12) = $2,620 • Taxable capital gains (ITA 38 to 55) = $2,500 • Allowable capital losses (ITA 38 to 55) = $3,500 • Interest expense (bank loan for investment purposes) = $2,500 • Investment counsel fees = $900 • RRSP deduction (allowed pursuant to ITA 60) = $9,500 Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is: Choose the correct answer. O A. $7,320 B. $8,320 C. $33,460 D. $4,920
Chapter6: Deductions And Losses: In General
Section: Chapter Questions
Problem 56P
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Please help me with the following question with correct answer provided, "$4920
Transcribed Image Text:You are provided with the following amounts for Susan Kim for the current year:
• Net employment income (ITA 5 to 8) = $35,000
• Interest income (ITA 12) = $5,700
• Taxable amount of dividends (ITA 12) = $2,620
• Taxable capital gains (ITA 38 to 55) = $2,500
• Allowable capital losses (ITA 38 to 55) = $3,500
• Interest expense (bank loan for investment purposes) = $2,500
• Investment counsel fees = $900
• RRSP deduction (allowed pursuant to ITA 60) = $9,500
Based on the above, the "net property income" reported by Susan Kim pursuant to ITA 3(a) for the current year is:
Choose the correct answer.
O A. $7,320
B. $8,320
C. $33,460
D. $4,920
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