Angel Ramos Received the Following Income in 2020 Required:
Determine Angel's Net Income for Tax Purposes for 2020

question 2

Essay

Angel Ramos received the following income in 2020:
$\begin{array}{|l|r|l|}\hline \text { Employment income } & \$ 75,000 \\\hline \text { Non-eligible dividends } & \$ 5,000 \\\hline \text { Sale of capital assets: } & \text { Proceeds } &A C B\\\hline \text { Shares in IMZ Co. (public corporation) } & \$ 20,000 & \$ 12,000 \\\hline \text { Shares in BAR Co. (public corporation) } & \$ 3,000 & \$ 10,000 \\\hline \text { Shares in TRI Inc. to arm's-length party (small business } & \$ 2,000 & \$ 7,500 \\\text { corporation) }\\\hline \text { Stamp set } & \$ 1,500 & \$ 2,500 \\\hline \text { Personal electronic system } & \$ 3,000 & \$ 1,000 \\\hline \text { Coin set } & \$ 4,000 & \$ 800 \\\hline\end{array}$
Required:
Determine Angel's net income for tax purposes for 2020 in accordance with the aggregating formula of Section 3 of the Income Tax Act.(CPP for enhanced contribution = $166.)

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Definitions:

Discount Rate

The interest rate charged by central banks for loans to their member banks, influencing monetary policy and economic conditions.

Open Market

An open market refers to an unrestricted market with a wide array of economic participants and transactions where goods, services, and financial assets can be traded freely.

Money Supply

This is the total amount of monetary assets available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.

Discount Rate

The interest rate charged by central banks on loans offered to commercial banks or other financial institutions.