Irenes 2022 income and expenses were as follows: Employment income $ 149,000 Deductible...
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Accounting
Irenes 2022 income and expenses were as follows:
Employment income $ 149,000
Deductible employment expenses $8,500
Business income $26,750
Deductible business expenses $44,940
Rental income $ 17,500
Deductible rental expenses $24,000
Dividends required to be included in income $ $15,000
Interest on loan to purchase the shares $1,000
Taxable capital gains $72,000
Allowable capital losses $51,000
Allowable business investment loss (ABIL) of $68,000
REQUIRED:
Determine Irenes income for the 2022 year. Follow the ITA 3 format (paragraph 3a, 3b, 3c, and 3d). Show all your work. Indicate whether there are any loss carryovers.
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