RLC Limited had a large allowable capital loss of $77,625 on one transaction during its...
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Accounting
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:
| 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) |
REQUIRED: Compute the corporations net capital loss for the current year.
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