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Calculate the company taxable income

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Question - Pathfinder Inc. has a December 31 year end. The company has an operating income of $26,000. On August 31, 2020, the Company has a net capital loss carry forward of $18,000 [(1/2)($36,000)]. In addition, the Company has the following assets:

Asset Type

Adjusted Cost Base Or Capital Cost

UCC

Fair Market Value

Non-Depreciable

$913,000

N/A

$1,120,000

Depreciable

530,000

$412,000

752,000

Shares

$100,000

N/A

50,000

Land

$1,350,000

N/A

$950,000

Required -

1. Calculate the Company's taxable income?

2. Calculate the Company's taxes payable. Assume the Company is a small Canadian privately held company operating in BC.

Reference no: EM133100876

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