Solis Enterprises Inc. operates two separate lines of business - a fashion design business and an investment firm. During the year ended December 31, 2020, the company lost $3 million from the fashion design business and earned a profit of $1 million from the investment firm. The $2 million non-capital loss could not be carried back, and as a result it was carried forward. On January 1, 2021, Solis Enterprises Inc. is acquired by another company. During the 2021 year, the fashion design business lost $1.5 million while the investment firm earned $4 million. What is the minimum taxable income for 2021?

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The minimum taxable income for 2021 would be $2,500,000. This is calculated by taking the profit from the investment firm ($4 million) and subtracting the non-capital loss carried forward from 2020 ($2 million - $1.5 million from the fashion design business loss in 2021 cannot be deducted due to the acquisition).