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B Inc. has net income of $40,000 for the current year, including dividends received from taxable Canadian corporations of $3,000 and taxable capital gains of $5,000. B Inc. donated $35,000 to a registered charity during the year. B Inc. has net capital losses of $6,000 incurred last year. What is B Inc.'s minimum taxable income for the current year?

B Inc. has net income of $40,000 for the current year, including dividends received from taxable Canadian corporations of $3,000 and taxable capital gains of $5,000. B Inc. donated $35,000 to a registered charity during the year. B Inc. has net capital losses of $6,000 incurred last year. What is B Inc.'s minimum taxable income for the current year?

FINANCIAL ACCOUNTING
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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B Inc. has net income of $40,000 for the current year, including dividends received from taxable Canadian corporations of $3,000 and taxable capital gains of $5,000. B Inc. donated $35,000 to a registered charity during the year. B Inc. has net capital losses of $6,000 incurred last year. What is B Inc.'s minimum taxable income for the current year?
Transcribed Image Text:B Inc. has net income of $40,000 for the current year, including dividends received from taxable Canadian corporations of $3,000 and taxable capital gains of $5,000. B Inc. donated $35,000 to a registered charity during the year. B Inc. has net capital losses of $6,000 incurred last year. What is B Inc.'s minimum taxable income for the current year?
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