The operations of Ballons Ltd. Generated the following data for its currant December 31 taxation year. Business losses (150,000) Dividends received and deducted (Division C) 25,000 Bond Interest 12,500 Allowable business investment loss (7,500) Taxable capital gains 37,500 Allowable

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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The operations of Ballons Ltd. Generated the following data for its currant December 31 taxation year. Business losses (150,000) Dividends received and deducted (Division C) 25,000 Bond Interest 12,500 Allowable business investment loss (7,500) Taxable capital gains 37,500 Allowable capital losses (17,500) (100,000) In the prior taxation year (last year), its first profitable year in several, Ballons Ltd. Had taxable income of $100,000. REQUIRED: Compute the non-capital loss for Balloons Ltd. In the current year and determine the amount of that loss that can be carried back to the prior year.

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