Author Question: Formed in 2021, ABC Ltd. had an operating loss of $125,000, with projected taxable income of $80,000 ... (Read 4 times)

blinding37 · **on:** Aug 7, 2023

Question 1

Formed in 2008, ABC Ltd. had taxable income of $103,000 in 2017; $82,000 in 2018; $60,000 in 2019; $90,000 in 2020, and –$170,000 in 2021. What is the tax recovery for 2021? Assume that ABC is a CCPC in Manitoba with a combined federal and provincial corporate income tax rate of 12.5%.

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$18,260

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$19,833

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$21,250

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$21,530

Question 2

Formed in 2021, ABC Ltd. had an operating loss of $125,000, with projected taxable income of $80,000 in 2022, $79,000 in 2023, and $96,000 in 2024. What will the corporate tax liability be in 2024? Assume that ABC is a CCPC in Quebec with a combined federal and provincial corporate income tax rate of 18%.

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$16,732

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$17,280

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$18,410

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$19,620

hiyayyay · **Reply #1 on:** Aug 7, 2023

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