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During the current taxation year, KT Ltd . , a Canadian - controlled private corporation located in Nova Scotia earned $ 1 6 0 ,
During the current taxation year, KT Ltd a Canadiancontrolled private corporation located in Nova Scotia earned $ of active business income. In addition, the company made the following capital transactions:
Gain on sale of shares of a public corporation $
Loss on shares of a public corporation
At the end of the previous taxation year, the following unused losses were available for carryforward:
Net capital losses $
Noncapital losses
Required:
For the current taxation year of KT Ltd calculate the following:
a Net income for income tax purposes
b Taxable income
c Total federal income tax.
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