Work Alberta branch had been inco PROBLEM TWO located in Nova Scotia, earned $160,000 of active business income. In addition, the During the current taxation year, KT Ltd., a Canadian-controlled private corporation company made the following capital transactions: Gain on sale of shares of a public corporation Loss on shares of a public corporation $48,000 (20,000) At the end of the previous taxation year, the following unused losses were available for carry-forward: Net capital losses Non-capital losses Required: For the current taxation year of KT Ltd., calculate the following: (a) Net income for income tax purposes (b) Taxable income (c) Total federal income tax $29,000 42,000

Work Alberta branch had been inco PROBLEM TWO located in Nova Scotia, earned $160,000 of active business income. In addition, the During the current taxation year, KT Ltd., a Canadian-controlled private corporation company made the following capital transactions: Gain on sale of shares of a public corporation Loss on shares of a public corporation $48,000 (20,000) At the end of the previous taxation year, the following unused losses were available for carry-forward: Net capital losses Non-capital losses Required: For the current taxation year of KT Ltd., calculate the following: (a) Net income for income tax purposes (b) Taxable income (c) Total federal income tax $29,000 42,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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