Required30 a.Calculate Mike's minimum net income for tax purposes in accordance withthe format of Section 3 of the Income Tax Act, and his minimum taxableincome for the 2022 taxation year.Based...

Required 30 a. Calculate Mike's minimum net income for tax purposes in accordance with the format of Section 3 of the Income Tax Act, and his minimum taxable income for the 2022 taxation year. Based on your answer 0 part (a). calculate Mike's minimum federal income tax for the 2022 taxation year (Ignore the foreign tax credit). Show all calculations. 6. Mike purchased 1,000 shares of Beta Public Company in 2010 for $4 per share. On July 1,2022, he received 200 additional shares as a stock dividend. The Beta shares were trading at $10 at that time. In the last week of December 2022, Mike sold these 200 shares at $12 per share. 7. On December 01, 2022, Mike sold his principal residence for $400,000 and moved to a rental apartment. The house was purchased in 2018 for $300,000. The buyer of the house also purchased the following items from Mike separately: Price Original Cost Sculpture 4,000 600 Gold plated tea set 1.400 700 Motor home 10,000 13,000 8. Mike incurred eligible moving expenses of $3,000 to move his household belongings to a new rental apartment. This new apartment is closer to his work location and 60 kilometers away from the old residence. 9. In 2020, Mike gifted shares of a CCPC to his 14-year-old son. The share cost him $10,000 and was worth $13,000 at the time of the gift. In 2022. the son received dividends of $1,000 on the shares. In 2022, Mike gifted shares of 4 foreign corporation to his spouse. The shares, which has a value of $10,000 at the time of the gift, originally cost $7.000. A foreign dividend of $1,800 was received afier the foreign government deducted a 10% withholding tax. 10. Mike has $2,000 LPP losses carried forward from the previous year. His RRSP contribution room for this year is $8,000. 1 In 2022, Mike had the following other receipts and disbursements: Interest paid on loan to acquire a boat 1.000 RRSP contribution 10,000 Tax-free saving account (TESA) contribution 1.000 Lottery Winnings 6.000 Interest paid on a bank loan to purchase shares 2.500 Tnterest on a bank loan to buy a personal automobile 3.000 Donations to a charitable organization 700 Received an Amazon gift card from employer on his excellent performance 300 12. Mike lives with his spouse and a son (both of them have no income during 2022).