Mathew and Jill own 80% and 20% of the shares in Century Limited respectively. The company incurs a tax loss of $240,000 for the year ended 31 March 2021. Mathew and Jill also hold 60% and 20% of the shares in Harcourt Limited respectively. The remaining 20% of the shares are owned by Lilly. Harcourt Limited derives net income of $300,000 for the year ended 31 March 2021. Both companies are tax resident and carrying on business in New Zealand. No shareholding changes have taken place in either company. With reference to the relevant provisions in the Income Tax Act 2007 and/ or case laws explain whether the loss of Century limited can be offset against the profit of Harcourt Limited for the year ended 31 March 2021. What is the taxable income of Harcourt Limited for the year ended 2021? Show all workings.