Question
For the year ending December 31, 2021, ABC Inc. had net income of $472,000. This amount included $22,000 in dividends received from taxable Canadian companies,
For the year ending December 31, 2021, ABC Inc. had net income of $472,000. This amount included $22,000 in dividends received from taxable Canadian companies, as well as $12,400 in net taxable capital gains. The Company also made charitable donations during 2021 of $14,500.
At the beginning of 2021, the Company had a 2019 non-capital loss balance of $102,000, as well as a 2020 net capital loss balance of $56,000.
Required:
Determine the Company's minimum Taxable Income for the 2021 taxation year and the amount and type of any carry forwards available at the end of the year.
Taxable income.................................... Net capital loss carry forward............... Non-capital loss carry forward..............
In your numerical inputs, simly write a whole positive number without any signs ($, comma, brackets, etc.).
Round to the nearest dollar amount where applicable. If your answer is zero, enter "none" or a number "0" (without " " signs).
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