Sky Company is a CCPC
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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