The following data summarize the operations of Parliamentary Fertilizers Limited, a Canadian-controlled private corporation, for the years 2013 to 2016 ended December 31.

The corporation has a net capital loss balance of $12,500 which arose in 2008.

REQUIRED

Calculate the taxable income of the company for each of the years indicated, on the assumption that future other business income and taxable capital gains are uncertain, and tabulate the losses available for carryover at the end of 2016. (For the purposes of this type of problem, dealing with each item, line by line, across the years, will help keep track of carryovers more easily than dealing with income one year at a time.)

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Income (loss): fertilizer business Dividend income taxable Cdn. corporation Capital gains (losses) Charitable donations made Income (loss): other business Income (loss) per financial accounting statements 2013 2014 37,500 25,000 (18,750) 7,500 2015 $ 62,500 $(187,500) $75,000 62,500 12,500 (50,000) 7,500 (10,000) (12,500) (20,000) 2,500 $113,750 $(205,000) $85,000 2016 $100,000 12,000 (6,000) 5,000 $111,000