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What is the amount of the taxable income or loss

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Lin Ltd. reported the following: 20x7 (first year of operations) 20x8 Earnings (loss) $90,000 ($150,000) Depreciation (assets have a cost of $210,000) $20,000 $20,000 CCA $35,000 $45,000 Non-deductible expenses $10,000 $10,000 Tax rate 25% 25%

Question 1) What is the amount of the taxable income or loss in each year?

Question 2) How much is the tax refund to be claimed in 20x8?

Question 3) How much is tax expense (recovery) in 20x8, assuming that use of the loss carryforward is not probable?

Reference no: EM133610221

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