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dgushta
Level 1

Allocation of Capital Deduction Calculation is Incorrect

Schedule 39 is calculating a $1B ($1,000,000,000) Allocation of Capital Deduction Calculation for a small business return. The $1B figure is subsequently showing up in the Related and Associated Corporations Summary. Is this a Profile glitch or am I doing something wrong?

Solved
Best answer November 03, 2020

Best Answers
ProFile Duncan
ProFile Team

Allocation of Capital Deduction Calculation is Incorrect

Hi, thank you for using Intuit ProFile Community

That is the maximum amount for financial corporations and is therefore a placeholder. If there was a related financial institution, that amount would be allocated between them. For all non-financial corporations this amount has no affect on the T2 sent to CRA. 

Hope this helps

View solution in original post

1 Comment 1
ProFile Duncan
ProFile Team

Allocation of Capital Deduction Calculation is Incorrect

Hi, thank you for using Intuit ProFile Community

That is the maximum amount for financial corporations and is therefore a placeholder. If there was a related financial institution, that amount would be allocated between them. For all non-financial corporations this amount has no affect on the T2 sent to CRA. 

Hope this helps

View solution in original post