Question
A CCPC with active business income of $400,000 in 2019. The company engages in retail and wholesale activities. Capital gains recognized by the company in
A CCPC with active business income of $400,000 in 2019. The company engages in retail and wholesale activities. Capital gains recognized by the company in 2019 totaled $96,000. A net capital loss carry-over of $45,000 will be utilized this year.
Required:
Applying tax rates and amounts for 2019, calculate the following:
a) Net Income for Tax Purposes
b)Taxable Income
c) Federal Tax
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Internal Audit Quality Developing A Quality Assurance And Improvement Program
Authors: Sally-Anne Pitt
1st Edition
1118715519, 978-1118715512
