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What is Mike Net Income for Tax Purposes

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Reference no: EM132719956

Question - Mike Patel has the following sources of income and deductions:

Gross Employment income $150,000

Deductible Employment Expenses 15,000

Interest income 5,000

Taxable capital gains realised during the year 25,000

Allowable capital losses suffered during the year 60,000

Business loss suffered during the year 165,000

Required - What is Mike's Net Income for Tax Purposes?

Reference no: EM132719956

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