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Step by step please. Thank you Honey Ltd. is a Canadian controlled private corporation (CCPC). It began operations on January1, 2017. For the first four
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Honey Ltd. is a Canadian controlled private corporation (CCPC). It began operations on January1, 2017. For the first four years of operations, the Company had Net Income (Loss) determinedusing generally accepted accounting principles, charitable donations, capital gains (losses) anddividends received as follows: Note 1: Assume 'Business Income (Loss)' is ITA 3(a)/(d) Income (Loss) from Business Note 2: All of the dividends are received from taxable Canadian corporations. t is the policy of the Company to deduct charitable donations prior to any loss carry overs. They also have a policy of minimizing non-capital loss carry overs, as opposed to net capital loss carry overs. Required: For each of the four years 2017 through 2020, provide the following information: - The minimum Net Income For Tax Purposes and Taxable Income that would be reported for Maple Ltd. given the above information - Apply any loss carryovers to the maximum extent possible to minimize Taxable Income in each year and then determine the loss carryover balances remaining that are available to carry to other years. - Losses that are carried back require amending the previous year returns. Clearly indicate any year returns that require amending and calculate the amended balances. - An analysis of the amount and type of carry forwards that would be available at the end of the yearStep by Step Solution
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