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    Canadian Taxation Accounting 2012/13

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    Net Income for tax purposes:

    Yvonne had employment income of 46,200, as well as income from an unincorporated business of 13,500. A rental property owned by Yvonne experienced a net loss of 2,350. Dispositions of capital property of the current year had the following results: taxable capital gains 14,220, allowable capital losses 23,460. Yvonne paid deductible spousal support of 4800 during current year. Casino winnings of 123,000, expenses of the trip 8.450.

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    Solution Preview

    Income = 46200 + 13500 = 59700
    Net capital gains = 14220 - 23460 = -9240 but only the amount equal ...

    Solution Summary

    This solution discusses Canadian taxation and provides steps necessary to solve the problem.