Question
For the year ending December 31, 2021, Garba 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, Garba 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 2019 net capital loss balance of $56,000. 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.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
10th Edition
1119491630, 978-1119491637, 978-0470534793
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