c Federal tax on capital gain 1550005029 108750 Provincial tax on capital gain

C federal tax on capital gain 1550005029 108750

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c. Federal tax on capital gain = $15(500)(0.5)(0.29) = $1,087.50 Provincial tax on capital gain = $15(500)(0.5)(0.10) = $375 After tax income = $7,500 $1,087.50 $375 = $6,037.50 36.(LO3)Carry the ($600) loss in 2006 back 3 years and the remaining loss is carried forward 7 years: (in 1,000's) total carry backs = $116 + $140 + $168 = $424 leaving ($600 $424) to carry forward which effectively reduces taxable income to zero for all years through 2009. At that time, remaining carry-forward is $56. 37.(LO5)
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