For the taxation year ending December 31, 2020, Rude Ltd., a Canadian public company, recorded the following information: At the beginning of 2020, the Company has a net capital loss carry forward available of $24,000 [(1/2)($48,000)].
Determine the maximum non-capital loss balance [ITA 111(8)(b)] for Rude Ltd. at the end of the 2020 taxation year and any available net capital loss carry forward.

Question

For the taxation year ending December 31, 2020, Rude Ltd., a Canadian public company, recorded the following information:  At the beginning of 2020, the Company has a net capital loss carry forward available of $24,000 [(1/2)($48,000)].
Determine the maximum non-capital loss balance [ITA 111(8)(b)] for Rude Ltd. at the end of the 2020 taxation year and any available net capital loss carry forward.

Quizplus · Accepted Answer

The Answer of For the taxation year ending December 31, 2020, Rude Ltd., a Canadian public company, recorded the following information:  At the beginning of 2020, the Company has a net capital loss carry forward available of $24,000 [(1/2)($48,000)].
Determine the maximum non-capital loss balance [ITA 111(8)(b)] for Rude Ltd. at the end of the 2020 taxation year and any available net capital loss carry forward.

For the Taxation Year Ending December 31, 2020, Rude Ltd