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What is rainbow co net income for tax purposes

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Question - Rainbow Co. is a Canadian controlled private corporation with active business income of $350,000 in Year 1. The company engages in retail and wholesale activities. Capital gains recognized by the company in Year 1 totaled $84,000. Rainbow Co. will utilize a net capital loss carry-over of $28,000 on its Year 1 tax return. What is Rainbow Co.'s net income for tax purposes?

a. $364,000

b. $350,000

c. $434,000

d. $392,000

Reference no: EM133053833

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