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Calculate atlas inc taxable income

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Reference no: EM132942540

Atlas Inc's summary income statement for the current year, 2020 is as follows:

Fee revenue $7,100,000

Operating expenses other than depreciation & interest 6,290,000

Depreciation expense 740,000

Interest expense 310,000

Income (Loss) before income taxes ($240,000)

  • At the beginning of the year, Atlas Inc had a future tax liability of $26,000 based on $190,000 of temporary differences related to its fixed assets.
  • Atlas Inc will claim $880,000 of CCA in 2020. Management anticipates using all of the loss carryforwards within the allowable carryforward period.
  • Atlas Inc reports under IFRS and has calendar year end.

Problem 1: Calculate Atlas Inc's taxable income/loss for 2020

Reference no: EM132942540

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