Ch. 23 - Income Taxes

Question 1

Income Taxes - IAS #

Answer 1

12

Question 2

non-capital losses - carry rules

Answer 2

1. back 3 years

2. forward 20 years

Question 3

loss carryback - considerations

Answer 3

1. carry back as far as possible

2. carry back to the yea with the highest tax rate

Question 4

ASPE - accounting methods

Answer 4

ASPE is allowed to use either the future income tax method or the taxes payable method, where no deferred tax asset/liability is recorded