Problem
RLC Limited had a large allowable capital loss of $77,625 on one transaction during its current taxation year ended December 31. In addition, the following information pertains to its situation for the current taxation year:
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Income from business
|
232,875
|
|
Income from property
|
25,500
|
|
Taxable capital gain
|
7,050
|
|
Allowable business investment loss (not included in above allowable capital loss)
|
(12450)
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Task
Compute the corporation's net capital loss for the current year.