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Author Question: Formed in 2021, ABC Ltd. had an operating loss of $125,000, with projected taxable income of $80,000 ... (Read 50 times)

blinding37

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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%.

◦

$18,260


◦

$19,833


◦

$21,250


◦

$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%.

◦

$16,732


◦

$17,280


◦

$18,410


◦

$19,620

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Marked as best answer by blinding37 on Aug 7, 2023

hiyayyay

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Reply #1 on: Aug 7, 2023
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blinding37

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Reply 2 on: Aug 7, 2023
Thanks for the timely response, appreciate it

raenoj

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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