Harvey Nicastro Has Current Year Net Employment Income of $45,000

Essay

Harvey Nicastro has current year net employment income of $45,000. In addition, he has the following additional sources of income, gains, and losses:
• A loss from an unincorporated business of $23,000.
• Interest income of $4,500.
• A taxable capital gain of $13,500.
• An allowable capital loss of $18,200.
• Spousal support paid of $24,000.
• A net rental loss of $14,500.
Determine Harvey's minimum Net Income For Tax Purposes for the current year and indicate the amount and type of any loss carry overs that are available at the end of the year. Show all of your calculations.