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Calculate Atlas Inc taxable income-loss

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Reference no: EM133027710

Question - 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 carry forwards within the allowable carry forward period.

Atlas Inc reports under IFRS and has calendar year end.

Calculate Atlas Inc's taxable income/loss for 2020.

Reference no: EM133027710

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