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During the year ending December 31, 2020, Melanor Ltd. reported accounting Income Before Taxes of...

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Accounting

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During the year ending December 31, 2020, Melanor Ltd. reported accounting Income Before Taxes of $225.000. This amount was determined using generally accepted accounting principles. Included in the above income figure were the following amounts: Donations To Registered Charities - $ 7,100 Accounting Gains On The Sale Of Shares - 33,000 Dividends Received -23,000 The above accounting gains on the sale of shares are equal to the capital gains on the sale of the shares (TCG $16,500 (1/2)$33,000)]. At the beginning of the 2020 taxation year, the Company has available a non-capital loss carry forward of $12,000 and a net capital loss carry forward of $10,000 [(1/2) ($20,000)]. There has not been sufficient Net Income For Tax Purposes to deduct these amounts in any previous year. Required: Calculate the minimum Net Income For Tax Purposes and total Division C deductions for 2020 and indicate the amount and type of any carry overs that are available at the end of the year. Please do not use a comma or a dollar sign in your response. Net Income For Tax Purposes N Total Division C Deductions

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