Problem 1

348 1111,875 ASSIGNMENT PROBLEMS Type 1 Problems Problem 1 The following data summarize the operations of Red Pocket Limited for the years of 2015 to 2018 ended September 30. 2015 2016 2017 2018 . $54,000 $32,000 (75,000) $62,500 ittsni42,500 22,500 18,000 10,500 Income (loss) from business. Dividend income -Taxable Canadian corpora- tions ins...11,000 2,500 5,000 9,000 Allowable capital losses Allowable business investment loss. . .2,000 4,500 3,500 3,750 23,000 9,000 3,000 13,000 The corporation has a net capital loss balance of $9,000 which arose in 2012. Compute the taxable income for Red Pocket Limited for the years indicated and show the amounts that are available for carryforward to 2019