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Unformatted text preview: 100,000 Charitable donations 40,000 Political donations — federal 1,050 441,050 Net income $486,950 * Assume for purposes of this problem that such a company exists. The 20X6 T2 return indicated that the following, all of which arose in 20X3, are available for 20X7: Charitable donations $70,000 Net capital losses 60,000 Non-capital losses 100,000 The company’s depreciation expense is equal to the annual capital cost allowance amount. REQUIRED: For the 20X7 taxation year, compute: (a) Minimum net income for tax purposes (b) Active business income (c) Taxable income (d) Federal Part I taxes payable (e) Any amounts which can be carried to 20X8 (f) Provincial income taxes for the province in which you live...
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- Spring '11
- Taxation in the United States, Provincial Income Taxes