Determine Sam minimum Net Income For Tax Purposes

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Question - J.T. Taxpayer Jr., age 22, is a part-time student at Mohawk College. He has provided you with the following information:

Net employment income from his summer job $5,800

Net business loss from his unincorporated business (16,000)

Spousal support payments made (a Subdivision e deduction) 1,900

Public transit passes to and from the summer job 240

Capital gains 3,750

Capital losses (7,200)

Tuition fees paid in 2020 2,500

Net rental income 4,525

Required -

1) Determine Sam's minimum 2020 Net Income For Tax Purposes.

2) Indicate any carry-over amounts (Hint - there are 3 of them).

Reference no: EM133148557

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