Problem: A taxpayer has the following financial results for a particular year.
Business profit-A Enterprise $20,000
Business loss-B Enterprise 6000
Other sources of income- pension 24000
Property income- interest 10000
Allowable capital losses on sale of land 40000
allowable business investment loss 4000
taxable capital gains on sale of securities 30000
other deductions 6000
employment income 60000
Determine the taxpayer's net income for tax purposes in accordance with the statutory scheme formula.