JST Limited has computed the following income (loss) for the year ended December 31, 2022:Loss from business(258000)Income from property including dividends of $21,500 received from taxable Canadian corporations64,500Capital gains92,800Capital losses(24000)Business investment loss(32000)The corporation has a net capital loss of $54,000 arising from 2016.—REQUIRED: Compute the corporation’s non-capital loss for the current year.

Capital gain or loss arises when a capital asset is sold, if its selling price is more than its…

Answered: JST Limited has computed the following…

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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JST Limited has computed the following income (loss) for the year ended December 31, 2022:

Loss from business	(258000)
Income from property including dividends of $21,500 received from taxable Canadian corporations	64,500
Capital gains	92,800
Capital losses	(24000)
Business investment loss	(32000)

The corporation has a net capital loss of $54,000 arising from 2016.

—REQUIRED: Compute the corporation’s non-capital loss for the current year.

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