Modgill Corporation has income from business of $66,600 and a taxable capital gain of $44,400 in 2022. It also has the following losses: Non-capital losses (expiring beyond 2022) Net capital losses (2016) $99,000 $48,000 REQUIRED: How much of the above losses will be available for carryforward after this year?
Modgill Corporation has income from business of $66,600 and a taxable capital gain of $44,400 in 2022. It also has the following losses: Non-capital losses (expiring beyond 2022) Net capital losses (2016) $99,000 $48,000 REQUIRED: How much of the above losses will be available for carryforward after this year?
Chapter11: The Corporate Income Tax
Section: Chapter Questions
Problem 5MCQ
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![Modgill Corporation has income from business of $66,600 and a taxable capital gain of $44,400 in 2022. It also has the following losses:
Non-capital losses (expiring beyond
2022)
Net capital losses (2016)
$99,000
$48,000
REQUIRED: How much of the above losses will be available for carryforward after this year?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffca6a5ca-3bd9-4780-8bda-794fd6722f54%2F8801ba96-e91a-480f-afa7-dee757f4fc3a%2Ffp2dmjn_processed.png&w=3840&q=75)
Transcribed Image Text:Modgill Corporation has income from business of $66,600 and a taxable capital gain of $44,400 in 2022. It also has the following losses:
Non-capital losses (expiring beyond
2022)
Net capital losses (2016)
$99,000
$48,000
REQUIRED: How much of the above losses will be available for carryforward after this year?
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