The operations of Balloons Ltd. generated the following data for its December 31, 2016 taxation year: In

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The operations of Balloons Ltd. generated the following data for its December 31, 2016 taxation year:

In its 2015 taxation year, its first profitable year in several. Balloons Ltd. had taxable income of $40,000.

REQUIRED
Compute the non-capital loss for Balloons Ltd. in 2016 and determine the amount of that loss that can be carried back to 2015.

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Introduction To Federal Income Taxation In Canada 2016-2017

ISBN: 9781554968725

37th Edition

Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett

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Question Posted: Aug 02, 2023 04:03 AM

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The operations of Balloons Ltd. generated the following data for its December 31, 2016 taxation year: In

Question:

Business losses Dividends received and deducted (Division C) Bond interest Allowable business investment loss Taxable capital gains Allowable capital losses $(60,000) 10,000 5,000 (3,000) 15,000 (7,000) $(40,000)

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Before calculating the noncapital loss for 2016 a review of the construction of section 3 income wou...View the full answer

Introduction To Federal Income Taxation In Canada 2016-2017

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