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During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia earned $213,000 of active business income. In addition, the company
During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia earned $213,000 of active business income. In addition, the company made the following capital transactions: At the end of the previous taxation year, the following unused losses were available for carry-forward: NetcapitallossesNon-capitallosses$(35,000)(60,000) Required: For the current taxation year of KT Ltd., calculate (1) net income for tax purposes; (2) taxable income; and (3) total federal income tax
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