Net income for tax purposes for Brant Enterprises Ltd. in the current taxation year is $254,000....

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Net income for tax purposes for Brant Enterprises Ltd. in the current taxation year is $254,000. The following amounts are included in NITP: • Active business income $186,500 • Dividends received from taxable Canadian corporations $ 60,200 • Taxable capital gains $ 7,300 Brant Enterprises also Ltd. had a net capital loss carry over balance of $15,000 and a non-capital loss carry over balance of $63,500. What is Brant Enterprises Ltd.'s taxable income in the current year? Net income for tax purposes for Brant Enterprises Ltd. in the current taxation year is $254,000. The following amounts are included in NITP: • Active business income $186,500 • Dividends received from taxable Canadian corporations $ 60,200 • Taxable capital gains $ 7,300 Brant Enterprises also Ltd. had a net capital loss carry over balance of $15,000 and a non-capital loss carry over balance of $63,500. What is Brant Enterprises Ltd.'s taxable income in the current year?

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Step 1 Identify Components of Net Income for Tax Purposes NITP Active business income 186500 Div... View the full answer