Question: ASSIGNMENT DUE IN 3 HOURS PLEASE: The following data summarize the operations of Kopy Kat Inc. for its taxation year ended September 30, 2020: Loss

ASSIGNMENT DUE IN 3 HOURS PLEASE:

The following data summarize the operations of Kopy Kat Inc. for its taxation year ended September 30, 2020:

Loss from business$(95,000)

Dividend income from taxable Canadian corporations22,500

Taxable capital gains6,250

Allowable capital losses(4,375)

Donations to registered charities(3,500)

The corporation had the following carry forward balances:

Donations made in 2017 to registered charities950

Net capital losses which arose in 20156,000

Required:

Compute the corporation's taxable income for its 2020 taxation year and the balances available for carry forward to 2021 for all relevant accounts.

Show all calculations whether or not necessary to the final answer.

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