QUESTION 12.3 (Current year tax loss, deductions subject to limitations) Keira Lowe had the following transactions during the 2021/22 tax year: Assessable Business Income General business deductions Personal superannuation contributions Tax Agents Fee Borrowing costs (deductible amount) $225,000 220,000 20,000 6,000 8,000 12,000 7,000 Gifts to Designated Gift Recipients Costs of seeking election to State Government Calculate Keira's taxable income and any losses that may be carried forward.
QUESTION 12.3 (Current year tax loss, deductions subject to limitations) Keira Lowe had the following transactions during the 2021/22 tax year: Assessable Business Income General business deductions Personal superannuation contributions Tax Agents Fee Borrowing costs (deductible amount) $225,000 220,000 20,000 6,000 8,000 12,000 7,000 Gifts to Designated Gift Recipients Costs of seeking election to State Government Calculate Keira's taxable income and any losses that may be carried forward.
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 34P
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Gifts & personal superannuation contributions cannot contribute to a loss.
![QUESTION 12.3 (Current year tax loss, deductions subject to
limitations)
Keira Lowe had the following transactions during the 2021/22 tax year:
Assessable Business Income
General business deductions
Personal superannuation contributions
Tax Agents Fee
Borrowing costs (deductible amount)
$225,000
220,000
20,000
6,000
8,000
12,000
7,000
Gifts to Designated Gift Recipients
Costs of seeking election to State Government
Calculate Keira's taxable income and any losses that may be carried
forward.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa36f8afe-1721-46d2-bc18-1e1f89d2ffd4%2F3a6b63c4-bd2b-45f0-abeb-21c7220cea87%2Fccz0v98_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 12.3 (Current year tax loss, deductions subject to
limitations)
Keira Lowe had the following transactions during the 2021/22 tax year:
Assessable Business Income
General business deductions
Personal superannuation contributions
Tax Agents Fee
Borrowing costs (deductible amount)
$225,000
220,000
20,000
6,000
8,000
12,000
7,000
Gifts to Designated Gift Recipients
Costs of seeking election to State Government
Calculate Keira's taxable income and any losses that may be carried
forward.
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