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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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