At the time of an acquisition of control (AOC), a corporation may have non-capital loss balances that
Question:
At the time of an acquisition of control (AOC), a corporation may have non-capital loss balances that cannot be used in the deemed taxation year resulting from an AOC or prior taxation years. Can these loss balances be used in the years subsequent to the AOC? Select all that apply.
A. There are no restrictions for claiming non-capital losses from an AOC in taxation years subsequent to the deemed taxation year end.
B. Non-capital losses from an AOC can be claimed in taxation years subsequent to the deemed taxation year end if there is a reasonable expectation of profit with the business in which the loss occurred.
C. Non-capital losses from an AOC can be claimed in taxation years subsequent to the deemed taxation year end if the non-capital losses are only applied against future income generated by the same loss business or a similar business.
D. Non-capital losses from an AOC can be claimed in taxation years subsequent to the deemed taxation year end if the corporation continues to carry on the business in which the loss occurred after the AOC occurred.
E. Non-capital losses from an AOC cannot be claimed in taxation years subsequent to the deemed taxation