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Sky Company is a CCPC

Sky Company is a CCPC

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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Sky Company is a CCPC with the following amounts in the current year: • Interest income from Canadian sources of $23,000 • Dividend income received from taxable Canadian corporations of $13,000 • Net rental loss of $1,450 • Foreign dividend income received from US public companies of $17,500 (CAN$) • Net taxable capital gains of $11,250 During the current year, Sky Company utilized a net capital loss carryover from the previous year of $8,000. The correct amount of aggregate investment income for Sky Company in the current year is: Choose the correct answer. OA. $42,300 B. $43,750 C. $63,300 O D. $55,300
Transcribed Image Text:Sky Company is a CCPC with the following amounts in the current year: • Interest income from Canadian sources of $23,000 • Dividend income received from taxable Canadian corporations of $13,000 • Net rental loss of $1,450 • Foreign dividend income received from US public companies of $17,500 (CAN$) • Net taxable capital gains of $11,250 During the current year, Sky Company utilized a net capital loss carryover from the previous year of $8,000. The correct amount of aggregate investment income for Sky Company in the current year is: Choose the correct answer. OA. $42,300 B. $43,750 C. $63,300 O D. $55,300
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