Explore BrainMass
Share

Explore BrainMass

    Accounting Problem: Loss Carry Overs for Canadian Taxes

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Yvonne's problem is to calculate net income for canadian tax purposes (B)
    employment income 64,000

    interest income 2,600

    rental income 4,560

    partnership loss 144,940 (50% )
    dispositions taxable capital gain 32,420, allowable taxable losses 29,375

    deductable contributions 12,480 paid to rrsp
    indicate the amount and type of any loss carry overs that would be available at the end of the current year.

    © BrainMass Inc. brainmass.com October 10, 2019, 5:56 am ad1c9bdddf
    https://brainmass.com/business/business-math/accounting-problem-loss-carry-overs-canadian-taxes-522367

    Solution Preview

    Income = 64000 + 2600 + 4560 = 71160
    Taxable capital income = 32420 - 29375 = 3045
    Total income = 74205 ...

    Solution Summary

    The expert examines the loss carrying over from Canadian Taxes.

    $2.19