During the current year, XYZ Corp. has a business loss of $750,000, capital gains of $155,000...
During the current year, XYZ Corp. has a business loss of $750,000, capital gains of $155,000 and allowable capital losses of $75,000, an Allowable Business Investment Loss of $50,000, and receives dividends from taxable Canadian corporations in the amount of $100,000. What is the amount of the non-capital loss for the year? Show your calculation.
Homework Answers
The total business loss amounts to $750,000 and Allowable investment loss of $ 50,000. Total business loss $800,000
Total Capital Gains - $155,000 allowable capital loss - $75,000. Net Capital Gains = $ 80,000.
Dividends received from taxable Canadian Corporations $100,000 which can not be deducted from the business loss.
Net business loss/ Non-capital loss for the year - $ 800,000.
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