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Calculate the taxable income of lindemann ltd

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Question - Lindemann Ltd is the head company of a consolidated group and acquired all interests in Kruspe Ltd on 1 July 2016. At the time of joining, Lindemann's adjusted market value was $10 million and Kruspe's modified market value was $2 million.

Assume that Kruspe satisfied the loss transfer test and is able to transfer a $200,000 tax loss and a $10,000 net capital loss to Lindemann. Ignoring this bundle of losses, Lindemann details for 2016/17 income year is as follows;

  • capital gains of $140,000
  • capital losses of $40,000
  • other assessable income of $400,000
  • deductions of $40,000

Calculate the taxable income of Lindemann Ltd for the tax year 2016/17.

Reference no: EM131646166

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