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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 52 times)

blinding37

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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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blinding37

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Reply 2 on: Aug 7, 2023
YES! Correct, THANKS for helping me on my review


matt95

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

 

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