At the beginning of 2019, Lyric Ltd. has a net capital loss balance of $78,250, a...

 

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At the beginning of 2019, Lyric Ltd. has a net capital loss balance of $78,250, a non-capital loss carry forward of $61,400, undeducted charitable contributions of $6,400. It is the policy of the Company to minimize any net capital loss balance, prior to using non-capital loss carry overs. During 2019, the Company's overall operations were unsuccessful, resulting in a business loss of $225,000. Offsetting this were $51,500 in dividends from taxable Canadian corporations and capital gains of $41,500. However, the capital gains were offset by capital losses of $7,300. Despite the business loss, the Company continued its charitable giving program, making 2019 donations of $6,300. Required: Calculate the corporation's minimum Net Income For Tax Purposes and Taxable Income for its 2019 taxation year. Indicate any balances available for carry forward to subsequent years. At the beginning of 2019, Lyric Ltd. has a net capital loss balance of $78,250, a non-capital loss carry forward of $61,400, undeducted charitable contributions of $6,400. It is the policy of the Company to minimize any net capital loss balance, prior to using non-capital loss carry overs. During 2019, the Company's overall operations were unsuccessful, resulting in a business loss of $225,000. Offsetting this were $51,500 in dividends from taxable Canadian corporations and capital gains of $41,500. However, the capital gains were offset by capital losses of $7,300. Despite the business loss, the Company continued its charitable giving program, making 2019 donations of $6,300. Required: Calculate the corporation's minimum Net Income For Tax Purposes and Taxable Income for its 2019 taxation year. Indicate any balances available for carry forward to subsequent years.

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