Question
For the year ending December 31, 2021, Garba Inc. had Net Income for Tax Purposes of as follows. Income from Business operation=140,000 Dividends received from
For the year ending December 31, 2021, Garba Inc. had Net Income for Tax Purposes of as follows.
Income from Business operation=140,000
Dividends received from taxable Canadian companies=20,000
Net taxable capital gains=12,000
The Company also made charitable donations during 2019 of $14,000.
At the beginning of 2021, the Company had a non-capital loss carry forward of $102,000, as well as a net capital loss carry forward of $56,000.
Determine the Companys minimum Taxable Income for the year ending December 31, 2021, and the amount and type of any carry forwards available at the end of the year.
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