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What is the amount of her farm loss carryover

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Q1. Ms. Rhonda Fern donates some equipment to the Make A Wish Foundation, a registered Canadian charity. The assets have a fair market value of $66000, a capital cost of $52000, and a UCC of $39000. She elects to make the donation at the fair market value of $66000. She has no other source of income during the year. Determine her maximum charitable donations tax credit for 2019.

Q2. Ms. Suzanne Morphy is a full time architect. She is also sells vegetables on the side from a small farm she runs in her backyard. In 2018, the first year of operation, she had a loss of $40000 and deducted the maximum allowable amount. What is the amount of her farm loss carryover to future years that can be applied against future farm income?

Reference no: EM133057463

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