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TR17-5 Loss Carryback/Carryforward, Refile CCA (LO 17-2) Moon Ltd, reported the following: Earnings (loss) Depreciation (assets have a cost of $540,000) CCA Non-deductible expenses Tax
TR17-5 Loss Carryback/Carryforward, Refile CCA (LO 17-2) Moon Ltd, reported the following: Earnings (loss) Depreciation (assets have a cost of $540,000) CCA Non-deductible expenses Tax rate 20x7 (first year of operations) $ 230,000 $ 45,000 $ 90,000 $ 36,000 30% 20x8 $(340,000) $ 45,000 $ 130,000 $ 16,000 30% 1. What is the amount of the taxable income or loss in each year? (Negative amounts and deductible amounts should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required.) Taxable income 20X7 20X8 Accounting eamings Permanent difference Accounting income subject to tax Temporary difference Taxable income 2 How much is the tax refund to be claimed in 20X8? Refund tax 3. What is the amount of the loss carryforward at the end of 20X8
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