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Jim acquired 100% of Smart Ltd., a manufacturing company, from an unrelated person on May 15, 2019. Smart Ltd. had the following losses being
Jim acquired 100% of Smart Ltd., a manufacturing company, from an unrelated person on May 15, 2019. Smart Ltd. had the following losses being carried forward for tax purposes as at its prior yearend on November 30, 2018: $ 250,000 $ 330,000 $ 150,000 Net capital losses Non-capital property losses Non-capital business losses Allowable business investment losses $150,000 Required: Assuming that the taxable income of Smart Ltd. for the period just prior to the acquisition is NIL before considering the above losses, and that no taxable capital gains occurred during the fiscal period prior to the acquisition, what is the amount of loss carry-forwards that Smart Ltd. will have available for future use after the acquistion assuming that no elections are made ?
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