Burke Enterprises Ltd. had a net business loss of $142,100 and property income (investment income) of $51,000. The corporation had an unused, empty warehouse which it rented during the current taxation year. The warehouse rental resulted in a net rental income of $23,750. As the result of dispositions of capital property, the corporation had taxable capital gains of $52,400 and allowable capital losses of $49,200.

Required:
1. Determine Burke Enterprises Ltd.'s minimum Net Income For Tax Purposes for the current year and enter your answer as a whole number.

2. Show your calculation of net income for tax purposes for the corporation in accordance with Section 3 of the Income Tax Act.

3. indicate the amount and type of any loss carry overs that are available at the end of the year.

Answer rating: 100% (QA)

Net property income 51000 Net rental income 23750 Net taxable capital gain 3200 Less allowable ... View the full answer