ration selling organic food products, and an operation that provides accounting services to small business. The income (loss) of the two operations for the years 2019 and 2020 are as follows: Mail Order Accounting Year Operation Operation 2019 ($146,000) $ 43,000 2020 56,000 85,000 The Company has no deductions from Net Income For Tax Purposes other than possible loss carry forwards from 2019. Required: Determine the minimum Taxable Income for 2019 and 2020, and any loss
Ambee Ltd. commenced operations in 2019, and has two separate lines of business. They are a mail order operation selling organic food products, and an operation that provides accounting services to small business. The income (loss) of the two operations for the years 2019 and 2020 are as follows:
Mail Order Accounting
Year Operation Operation
2019 ($146,000) $ 43,000
2020 56,000 85,000
The Company has no deductions from Net Income For Tax Purposes other than possible loss carry forwards from 2019.
Required:
Determine the minimum Taxable Income for 2019 and 2020, and any loss carry forward available at the end of each year assuming that there was an acquisition of control on January 1, 2020.
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