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Please provide a detailed response. Thanks! Describe the tax implications of net capital losses on an acquisition of control for the following Carry backs and

Please provide a detailed response. Thanks!

  1. Describe the tax implications of net capital losses on an acquisition of control for the following

    • Carry backs and carry forwards

    • The adjusted cost base (the ACB) of non-depreciable capital property of a corporation exceeds the fair market value (the FMV) of non-depreciable capital property immediately before the time that control of the corporation is acquired

    • Immediately before an acquisition of control, what can a corporation elect to do with capital property? Why?

  2. Describe the tax implications of non-capital losses on an acquisition of control

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