The operations of Balloons Ltd. generated the following data for its current December 31 taxation year: Business
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Question:
The operations of Balloons Ltd. generated the following data for its current December 31 taxation year:
Business losses | (150,000) |
Dividends received and deducted (Division C) | 25,000 |
Bond interest | 12,500 |
Allowable business investment loss | (7,500) |
Taxable capital gains | 37,500 |
Allowable capital losses | (17,500) |
(100,000) |
In the prior taxation year (last year), its first profitable year in several, Balloons Ltd. had taxable income of $100,000.
REQUIRED:
Compute the non-capital loss for Balloons Ltd. in the current year and determine the amount of that loss that can be carried back to the prior year.
Related Book For
Understanding Financial Accounting
ISBN: 978-1118849385
1st Canadian Edition
Authors: Christopher Burnley, Robert Hoskin, Maureen Fizzell, Donald
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