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Question #4 - (Ordering of Losses) At the beginning of 2019, Cindy Burke had the following loss carry forwards available: $25,000 Non-Capital Losses Restricted
Question #4 - (Ordering of Losses) At the beginning of 2019, Cindy Burke had the following loss carry forwards available: $25,000 Non-Capital Losses Restricted Farm Losses 4,000 Net Capital Losses [(1/2)($64,000)] 32,000 During the taxation year ending December 31, 2019, she recorded the following amounts of income Farm Income Taxable Capital Gains Business Income $2,500 21,000 74,000 Determine Cindy's Net Income for Tax Purposes, as well as her minimum Taxable Income for 2019. Indicate the amount and type of any losses available for carry forward at the end of the year.
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
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