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Question

im Dandy had the following income and losses:

/>

2014

2015

2016

2017

Business Income (Losses)

70,000

(170,000

)

70,000

90,000


Farming Income (Losses)

-

Part-time

7,000

(17,000)

2,000

2,000

Capital Gains (Losses)

27,500

(35,000)

7,000

10,000

Income Per Financial Statements

104,500

(222,000

)

79,000

102,000


REQUIRED:


1.

Calculate the Net Income for each year (using Sec 3).

2.

Calculate taxable income each year.

3.

schedule of losses incurred, utilized and carried over by year.


Apply losses in the following order:

Restricted Farm Loss

Net Capital Loss

Non-Capital Loss

Farm Loss

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