Reference no: EM133027255
Question - In its first two years of operations, Living Robotics Inc. (LRI) generated taxable income of $50,000 and $200,000, when tax rates were 15% and 18% respectively.
LRI's summary income statement for the current year, 2016 is as follows:
Fee revenue $7,200,000
Operating expenses other than depreciation & interest 6,300,000
Depreciation expense 750,000
Interest expense 320,000
Loss before income taxes $ (170,000)
At the beginning of the year, LRI had a future tax liability of $36,000 based on $200,000 of temporary differences related to its fixed assets.
LRI will claim $890,000 of CCA in 2016. Management anticipates using all of the loss carry forwards within the allowable carry forward period.
LRI reports under IFRS.
Required - Calculate LRI's taxable income/loss for 2016.
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