Modgill Corporation has income from business of $66,600 and a taxable capital gain of $44,400 in 2022. It also has the following losses: Non-capital losses (expiring beyond 2022) Net capital losses (2016) $99,000 $48,000 REQUIRED: How much of the above losses will be available for carryforward after this year?

Modgill Corporation has income from business of $66,600 and a taxable capital gain of $44,400 in 2022. It also has the following losses: Non-capital losses (expiring beyond 2022) Net capital losses (2016) $99,000 $48,000 REQUIRED: How much of the above losses will be available for carryforward after this year?

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 5MCQ

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