Management and Organizational Studies 3362A/B Final: Final Exam Review - Chp 12 notes
16 Dec 2011
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Niftp, less: charitable donations (limited to 75% of niftp, carry fwd of 5 years, dividends (no gross up or tax credit, full amount received is deducted) Loss carry-overs from subsequent or prior tax years. Stop-loss rules specify that any loss resulting from a disposition of shares by a corporation must be reduced by the amount of dividends received that are eligible for deduction. If there is insufficient net income to allow deduction of dividends and net capital losses, both can be added to the non-cl carry over balance. The non-cl carry over for the year is the amount determined by: A = the amount determined by the formula: e f, where. E = the total of all amounts each of which is the t/p s loss for the year from office, employment, business, property, Abil, net cl carry overs deducted (this amount cannot exceed tcg) and dividends received from taxable cdn corps and deducted in computing taxable income.
