The FG Company had Net Income For Tax Purposes for the year ending December 31, 2020 of $275,000. This amount included $13,720 in taxable capital gains, as well as $15,600 in dividends received from taxable Canadian corporations. Also during 2020, the Company made donations to registered charities of $9,100.
At the beginning of the year, the Company had available a non-capital loss carry forward of$74,000, as well as a net capital loss carry forward of $20,000 [(1/2)($40,000)].
Determine the Company's minimum Taxable Income for the year ending December 31, 2020 and the amount and type of any carry forwards available at the end of the year.

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The Answer of The FG Company had Net Income For Tax Purposes for the year ending December 31, 2020 of $275,000. This amount included $13,720 in taxable capital gains, as well as $15,600 in dividends received from taxable Canadian corporations. Also during 2020, the Company made donations to registered charities of $9,100.
At the beginning of the year, the Company had available a non-capital loss carry forward of$74,000, as well as a net capital loss carry forward of $20,000 [(1/2)($40,000)].
Determine the Company's minimum Taxable Income for the year ending December 31, 2020 and the amount and type of any carry forwards available at the end of the year.

The FG Company Had Net Income for Tax Purposes for the Year