08-08-2003, 11:00 AM
Hi!
For the benefit of those who are not in ACCA program, could u state S393(1) & S393A as they are written (I mean the exact language).
One thing is obvious, after taking the loss back, the taxable income for the year is bumped upto the remaining loss.(Out of 10,000, 7100 was carried back and the income for the period was bumped up to 2900. Same happened in the next year) The situation will be clear if u can state the actual sections.
Regards.
Edited by - Pervez on Aug 08 2003 060203 AM
For the benefit of those who are not in ACCA program, could u state S393(1) & S393A as they are written (I mean the exact language).
One thing is obvious, after taking the loss back, the taxable income for the year is bumped upto the remaining loss.(Out of 10,000, 7100 was carried back and the income for the period was bumped up to 2900. Same happened in the next year) The situation will be clear if u can state the actual sections.
Regards.
Edited by - Pervez on Aug 08 2003 060203 AM
