Justin has the following income and losses Employment i…
Justin has the following income and losses Employment income 30,000 Employment Insurance (EI) benefts received 6,000 Business loss (from restaurant) (10,000) Property loss (rental) (5,000) Property loss (interest expense of $1,000 accrued on funds borrowed to acquire shares). No dividends were paid on the shares during the year (1,000) Taxable capital gains 20,000 Allowable capital losses (25,000) Subdivision e deductions (deductible spousal support paid) (10,000) Calculate Justin’s Net Income for the taxation year using the ITA 3 Net Income format (3(a), 3(b), 3(c), 3(d)). Show all calculations and subtotals for full marks.