KCQ Ch 11.xlsx - Non capital losses can be carried forward...

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Non capital losses can be carried forward 20 years and back three yearstherefore 20292028and net capital losses can be carried forward indefinetly
Net capital losses15000Donations5000Income from property38000Inc Dividends12000Income from property50000Taxabe capital gains18000Allowable capital losses-8000Net cap gain/loss10000Loss from business-100000Net loss-40000Net income or loss-40000Less dividends from taxable candian corp-12000Donations (75% of Net Income)0Less ne capital losses-10000Non cappital losses for the year-62000
Net income for tax purposes300000Dividends from taxable candian corps20000Taxable capital gains15000Donations40000Non capital losses100002019 Last YRNet capital lossses180002001Taxable incomeNet income300000Less dividends from txable candian corps-20000Less Net capictal losses to the extent of Taxable cap Gains-15000Less donations-40000Less non capital losses-10000Taxable income215000
Donations40000Limited to75% of Net income225000Taxable capital gains15000Net capital losses18000This is limited to the taxable cap gains as maxDeduction is15000
Non capictal losses60000Net capictal losses40000Shares bought by and arms length person.1-OctThis means that they were bought by an unrelated partythis means that there is a year end declared on sept 30There weould be loss restriction

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Term
Summer
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NoProfessor
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Taxation in the United States

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