Marketable Securities $ 100,000 $ - $ 60,000 Inventory $ 100,000 $ - $ 85,000 Land $ 125,000 $ - $ 450,000 Building (class 4) $ 140,000 $ 95,000 $ 300,000 Instruments (class 8) $ 70,000 $ 52,000 $ 45,000 TL had non-capital losses of $10,000 and net capital losses of $18,000 on December 31, 2022. TL also incurred additional losses from regular business operation of $20,000 during January 2023. REQUIRED: A. What are the available non-capital and net capital loss balances of TL Ltd. on January 31, 2023. B. If TL Ltd. makes the elections(s) necessary to utilize the losses that would expire on the acquisition of control, indicate the asset(s) on which the election should be made and the amount that should be elected?

Answer rating: 100% (QA)

A To calculate the available noncapital and net capital loss balances of TL Ltd on January 31 2023 w... View the full answer