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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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