28. A taxpayer shall, to determine the income of the taxpayer for a taxation year for the purposes of this Part,(a) add the aggregate of the taxpayer’s income for the year, other than the taxable capital gains from dispositions of property, from each source inside and outside Canada;
(b) add to the aggregate so determined the amount by whichi. the taxpayer’s taxable capital gains for the year from dispositions of property other than precious property and the taxpayer’s taxable net gain for the year from dispositions of precious property, exceed
ii. the amount by which the taxpayer’s allowable capital losses for the year from dispositions of property other than precious property exceed the taxpayer’s allowable business investment losses for the year; and
(c) subtract from the total so determinedi. the deductions permitted by Title VI in computing the taxpayer’s income for the year, except those taken into account in computing the aggregate of the income referred to in paragraph a and, if there is any remainder,
ii. the losses incurred in the year by the taxpayer from an office, employment, business or property and the taxpayer’s allowable business investment losses for the year;
iii. (subparagraph replaced).