Kim has acquired 50% of the shares owned by Betty in two companies, LTC Ltd and Non-LTC
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Question:
Kim has acquired 50% of the shares owned by Betty in two companies, LTC Ltd and Non-LTC Ltd, which have accumulated losses available to be carried forward and set off against the profits of a future year. LTC Ltd is a look through company and Non-LTC Ltd is a not a look through company. Kim also has shares in another profitable company, Kim Ltd.
Required:
Kim has asked whether he could access the losses of these two companies that are carried forward by either consolidating or amalgamating them with Kim Ltd.
Related Book For
Canadian Income Taxation Planning And Decision Making
ISBN: 9781259094330
17th Edition 2014-2015 Version
Authors: Joan Kitunen, William Buckwold
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