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During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia...

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Accounting

During the current taxation year, KT Ltd., a Canadian-controlled private corporation located in Nova Scotia earned $176,000 of active business income. In addition, the company made the following capital transactions.
Gain on sale of shares of a public corporation $ 52,000
Loss on shares of a public corporation (22,000)
At the end of the previous taxation year, the following unused losses were available for carry-forward.
Net capital losses $ (30,000)
Non-capital losses (52,000)
Required:
For the current taxation year of KT Ltd., calculate
(1) net income for tax purposes;
(2) taxable income; and
(3) total federal income tax.

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