Accounting Problem: Loss Carry Overs for Canadian Taxes
Not what you're looking for?
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.
Purchase this Solution
Solution Summary
The expert examines the loss carrying over from Canadian Taxes.
Solution Preview
Income = 64000 + 2600 + 4560 = 71160
Taxable capital income = 32420 - 29375 = 3045
Total income = 74205 ...
Purchase this Solution
Free BrainMass Quizzes
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.
Business Processes
This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations