Question
An individual had an employment income in 2021 of $50,000. They had loss carry forward balances as follows: net capital losses (NCL) ($20,000); non-capital losses
An individual had an employment income in 2021 of $50,000. They had loss carry forward balances as follows: net capital losses (NCL) ($20,000); non-capital losses (NonCL) ($22,000); and farm losses from full-time farming (FL) ($24,000). What would be the maximum amount of losses carried forward they would claim in 2021?
Multiple Choice
$20,000
$46,000
$50,000
$66,000
Step by Step Solution
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The net capital losses that he can claim is 3000 As 3000 is the limit ...
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
