Question: Answer in type written please. Thank you! Question 3 During the current taxation year, KT Ltd_, a Canadian-controlled private corporation located in Nova Scotia earned

Answer in type written please. Thank you!

Question 3 During the current taxation year, KT Ltd_, a Canadian-controlled private corporation located in Nova Scotia earned $160,000 of active business income. In addition, the company made the following capital transactions: Gain on sale of shares of a public corporation S 48000 Loss on shares of a public corporation (20,000) At the end of the previous taxation year, the following unused losses were available for carry-forward: Net capital losses $29,000 Noncapital losses 42,000 Requwed: For the current taxation year of KT Ltd., calculate the following: (a) Net income for income tax purposes (b) Taxable income (c) Total federal income tax

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