Loser Ltd. has non-capital losses of $60,000 from business operations and net capital losses of $40,000 (both

Question:

Loser Ltd. has non-capital losses of $60,000 from business operations and net capital losses of $40,000 (both incurred two years ago). On October 1 of the current year, the shares of Loser Ltd. were acquired by an arm’s-length person.
Determine the tax implications for Loser Ltd. Income tax reference: ITA 111(4), (5), 249(4).