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?
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.
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
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