Pathfinder Inc. has a December 31 year end. The company has an operating income of $26,000. On
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Question:
Pathfinder Inc. has a December 31 year end. The company has an operating income of $26,000.
On August 31, 2020, the Company has a net capital loss carry forward of $18,000 [(1/2)($36,000)]. In addition, the Company has the following assets:
Asset Type | Adjusted Cost Base Or Capital Cost | UCC | Fair Market Value |
Non-Depreciable | $913,000 | N/A | $1,120,000 |
Depreciable | 530,000 | $412,000 | 752,000 |
Shares | $100,000 | N/A | 50,000 |
Land | $1,350,000 | N/A | $950,000 |
Calculate:
- The Company’s taxable income
- The Company’s taxes payable. Assume the Company is a small Canadian privately held company operating in BC.
Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
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