Reference no: EM132571989
Question - The following data summarizes the operations of Kopy Kat Inc. for the year ended Dec. 31, 2018;
Loss from an active business $(95,000)
Dividend income from taxable Canadian corporations 22,500
Taxable capital gains 6,250
Allowable capital losses (4,375)
Donations paid to registered charities 3,500
The corporation had the following carry forward balances at the end of December 31, 2017:
Donations made in 2013 to registered charities $1,050
Net capital losses which arose in 2003 6,000
Required - Find the company's non-capital loss for income tax purposes for 2018?
a) $ 70,625
b) $ 95,000
c) $ 68,750
d) $ 93,125
c) none of the above