Question

Florence Rossi is semi-retired and sits on the board of directors of several Canadian public corporations. A summary of her financial activity for 2020 is presented below: $24,200 15,700 Interest on long-term bonds Gain on sale of farmland (Florence acquired the farmland three years ago with the intention of subdividing it into building lots for resale but sold it in 2020 after losing a rezoning application) Director's fees from public corporations Gain on sale of public corporations shares Legal fees paid to collect a borus on a former employment contract Legal fees paid to dispute an income tax reassessment Loss on sale of shares of a Canadian-controlled private corporation that qualifies as a small business corporation Loss on sale of public corporation shares Share of the operating loss from a partnership that operates a small grain farm with hired help Qualified moving expenses CPP enhanced contributions with respect to the director's fees 26,600 19,400 2,400 1,900 9,700 23,000 16,000 4,000 60 Determine Florence's income for tax purposes in accordance with section 3 of the Income Tax Act. Segment A 0 Segment A Subtotal Segment B $ 0 Segment B Subtotal Segment C 0 Segment C Subtotal Segment D $ 0 Segment D subtotal Net Income for Tax purposes 0

Answer 1

Answert Determination of income Of Ms. Florence Ross; under seation 3 4 the IT Act t Amount Amount Particularis segment A Director's free from puble Corporations 26600 2400 60 24140 1600D 1900 Less: Legal trees paid to collect a bonus less! cpp cohansed contribettions Wirt Director's Fees segment A subtotal segment B share of operating loss from apcrotnership from sessi Legal fees paid for dispute in IT assessment Less: Aualified moving expenses segment B sub total Segment ç Gain on sale of Formland - clempt sale of public corporeetiong shares 4000 10100 19400 Gin 23000 Less: Loss on sale of public Corporations shares 9700 -13300 Less: 1055 on sale of shares of concedicin - Controlled private Corporation gegment c sub total segment D Interest on long term bonds Segment o subtotal 24200 24200 58440 Net Income for tax purposes