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Determine angel net income for tax purposes

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Reference no: EM132812565

Angel Ramos received the following income in 2020:

Employment income $ 75,000

Non-eligible dividends $ 5,000

Sale of capital assets:                                                                           Proceeds                             ACB

Shares in IMZ Co. (public corporation)                                        $ 20,000                        $ 12,000

Shares in BAR Co. (public corporation)                                          $ 3,000                          $ 10,000

Shares in TRI Inc. to arm's-length party (small business corporation) $ 2,000                            $ 7,500

Stamp set                                                                                    $ 1,500                           $ 2,500

Personal electronic system                                                           $ 3,000                              $ 1,000

Coin set                                                                                     $ 4,000                                  $ 800

Required:

Problem 1: Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act.

Reference no: EM132812565

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