,canada ,cu/oms                       #a
& ,rev5ue ,ag5cy

          ,9t]pret,n ,bullet9
    
,subject3 ,9come ,tax ,act
  ,busi;s ,9ve/;t ,losses
,numb]3 ,,it-#dhd;,r#b
,date3 ,novemb] #bh1 #aiif
,ref];e3 ,p>agraph #ci7#a77c7 7al
  subsec;ns #ci7#i71 7#aj71 & 7#ab71
  #ej7#a71 #hd7#i71 & #afd7#f72
  p>agraphs #c7b7 & 7d71 #ch7c71 &
  #aaa7#a77a7 & 7b72 &! def9i;ns
  8capital divid5d a3.t0 9 subsec;n
  #hi7#a71 8net capital loss0 & 8non-
  capital loss0 9 subsec;n #aaa7#h71
  8,canadian-3troll$ private corpor,n0 9
  subsec;n #abe7#g71 8a7regate 9ve/;t
  9come0 9 subsec;n #abi7#d71 & 8small
  busi;s corpor,n0 9 subsec;n #bdh7#a77



                                      #a
               ,applic,n             a#a
    
  ,? bullet9 c.els & replaces ,9t]pret,n
,bullet9 ,,it-#dhd;,r dat$ ,may #e1
#aihi1 &! ,special ,rel1se to
,,it-#dhd;,r dat$ ,augu/ #bf1 #aiid4

                ,summ>y
    
  ,a busi;s 9ve/;t loss is basic,y a
capital loss f a 4posi;n 6: subsec;n
#ej7#a7 applies1 or 6an >m's l5g? p]son1
( %>es or debt (a small busi;s corpor,n4
,?ree-qu>t]s ( ? loss is an all[a#
busi;s 9ve/;t loss4
  ,unlike ord9>y all[a# capital losses1
an all[a# busi;s 9ve/;t loss =a tax,n
ye> may 2 deduct$ f all s\rces ( 9come =
t ye>4 ,g5],y1 an all[a# busi;s 9ve/;t
loss t _c 2 deduct$ 9 ! ye> x >ises is
tr1t$ z a non-capital loss : may 2 c>ri$
back ?ree ye>s & =w>d sev5 ye>s 6be
deduct$ 9 calculat+ taxa# 9come ( s* o!r
ye>s4 ,any s* loss t is n deduct$ 0! 5d
(! sev5-ye> c>ry-=w>d p]iod is !n     #b
             ,,it-#dhd;,r#b          b#a
tr1t$ z a net capital loss s t x c 2
c>ri$ =w>d 9def9itely 6be deduct$ ag/
taxa# capital ga9s4
  ,ord9>y all[a# capital losses =a tax,n
ye> may 2 deduct$ only f taxa# capital
ga9s r1liz$ 9 ! ye>4 ,if ! all[a#
capital losses exce$ ! taxa# capital
ga9s1 ! di6];e is a net capital loss :
may 2 c>ri$ back ?ree ye>s & =w>d
9def9itely 6be deduct$ only ag/ taxa#
capital ga9s4
  ,! purpose (! rules relat+ 6! busi;s
9ve/;t loss is 65c\rage 9ve/;t 9 small
busi;s corpor,ns 0giv+ s* losses m g5]\s
tax tr1t;t ?an t availa# = ord9>y
capital losses4
  ,? bullet9 4cusses ! v>i\s provi.ns (!
,act relevant 6det]m9+ :at 3/itutes a
taxpay]'s all[a# busi;s 9ve/;t loss =a
tax,n ye> &! deductibil;y ( s* a loss4



                                      #c
          ,4cus.n & ,9t]pret,n       c#a
    
        ,g5]al 7p>agraphs #a-ae7
    
#a4 ,an 8all[a# busi;s 9ve/;t loss0 is
  def9$ 9 p>agraph #ch7c7 z ?ree-f\r?s
  (a 8busi;s 9ve/;t loss0 def9$ 9
  p>agraph #ci7#a77c74 ,6qualify z a
  busi;s 9ve/;t loss1 an am.t m/ f/ 2 a
  capital loss4 ,?us :5 a transac;n does
  n give rise 6a capital loss1 or :5 a
  capital loss is deem$ 6be nil 7e4g41
  "u p>agraph #dj7#b77g771 no busi;s
  9ve/;t loss c result4

  ,al? a busi;s 9ve/;t loss =a ye> m/ f/
  qualify z a capital loss1 a taxpay]
  does n h ! op;n ( tr1t+ x z a capital
  loss =! ye> r ?an a busi;s 9ve/;t
  loss4

  ,! por;n (a busi;s 9ve/;t loss 9clud$
  9 calculat+ a taxpay]'s all[a# busi;s
  9ve/;t loss has 9cr1s$ ov] ! ye>s4 ,=
  example1 9 ! case ( an 9dividual    #d
             ,,it-#dhd;,r#b          d#a
  or a "pn]%ip1 ! abv ref];e to 8?ree-
  f\r?s0 %d 2 r1d z a ref];e to 8two-
  ?irds0 if ! tax,n ye> or fiscal p]iod
  9 : ! busi;s 9ve/;t loss >ose 5d$ af
  #aihg & 2f #aiij1 & 8"o-half0 if !
  tax,n ye> or fiscal p]iod 5d$ 2f
  #aihh4
#b4 ,9 calculat+ 9come pursuant 6sec;n
  #c1 an all[a# busi;s 9ve/;t loss is n
  deduct$ f taxa# capital ga9s "u
  p>agraph #c7b7 b is deduct$ f 9come f
  all s\rces "u p>agraph #c7d74

  ,g5],y1 any all[a# busi;s 9ve/;t loss
  t _c 2 deduct$ 9 ! ye> x >ises is
  tr1t$ z a 8non-capital loss0 z def9$ 9
  subsec;n #aaa7#h74 ,s* a loss may1 "u
  p>agraph #aaa7#a77a71 2 c>ri$ back
  ?ree ye>s & =w>d sev5 ye>s & deduct$ 9
  calculat+ taxa# 9come ( s* o!r ye>s4
--------------------------------------#b
  ,! am.t (! all[a# busi;s 9ve/;t loss t
  is 9clud$ z a non-capital loss is
  det]m9$ 9 ! tax,n ye> 9 : !         #e
             ,,it-#dhd;,r#b          a#b
  busi;s 9ve/;t loss >ises4 ,no adju/;t
  6! am.t (! all[a# busi;s 9ve/;t loss
  is requir$ if ! loss is c>ri$ =w>d or
  back 6a tax,n ye> 9 : ! all[a# por;n
  (! busi;s 9ve/;t loss wd 2 di6]5t _h !
  loss o3urr$ 9 t ye>4 ,= example1 a
  busi;s 9ve/;t loss >is+ 9 a tax,n ye>
  9 : ! all[a# por;n (! busi;s 9ve/;t
  loss is two-?irds w n 2 9cr1s$ %d t
  all[a# busi;s 9ve/;t loss 2 deduct$ 9
  a tax,n ye> 9 : ! all[a# por;n (
  busi;s 9ve/;t losses is ?ree-f\r?s4

  ,g5],y1 an all[a# busi;s 9ve/;t loss t
  is n deduct$ z a non-capital loss 0!
  5d (! sev5? ye> ( xs c>ry-=w>d p]iod
  2comes a 8net capital loss10 z def9$ 9
  subsec;n #aaa7#h71 9 t sev5? ye>4 ,?
  tr1t;t all[s ! loss 6be c>ri$ =w>d
  9def9itely 6be deduct$ ag/ taxa#
  capital ga9s 2g9n+ 9 ! ei<? ye>4 ,=
  example1 if an 9dividual 9curr$ an
  all[a# busi;s 9ve/;t loss 9 #aihi1 &!
  9dividual 0 una# 6use ! loss 0!     #f
             ,,it-#dhd;,r#b          b#b
  5d ( #aiif1 ! loss w 2come a net
  capital loss 9 #aiif4 ,! 9dividual c
  !n c>ry ! loss =w>d 9def9itely &
  deduct x ag/ taxa# capital ga9s r1liz$
  9 #aiig & subsequ5t ye>s4

  ,non-capital losses & net capital
  losses >e 4cuss$ 9 ! curr5t v].n (
  ,,it-#bcb1 ,non-,capital ,losses1 ,net
  ,capital ,losses1 ,re/rict$ ,f>m
  ,losses1 ,f>m ,losses & ,limit$
  ,"pn]%ip ,losses--,_! ,-posi;n &
  ,deductibil;y 9 ,-put+ ,taxa# ,9come4
#c4 ,a taxpay]'s busi;s 9ve/;t loss may
  >ise f ! 4posi;n (3
  7a7 a %>e (a corpor,n t is a small
    busi;s corpor,n1 or
  7b7 a debt [+ 6! taxpay] 7except z
    4cuss$ 9 p>agraph #e 2l7 0a
    ,canadian-3troll$ private corpor,n4
  
  ,=a loss on ! 4posi;n ( s* prop]ty
  6qualify z a busi;s 9ve/;t loss1 !
  4posi;n m/ 2 6an >m's l5g? p]son    #g
             ,,it-#dhd;,r#b          c#b
  or 2 deem$ 6h o3urr$ "u subsec;n
  #ej7#a7 7see p>agraph #f 2l74 ,=! m1n+
  ( 8small busi;s corpor,n0 & m 9=m,n
  reg>d+ 8,canadian-3troll$ private
  corpor,n0 see p>agraph #d 2l4
#d4 ,! t]m 8small busi;s corpor,n0 is
  def9$ 9 subsec;n #bdh7#a74 ,9 g5]al1 a
  small busi;s corpor,n is a ,canadian-
  3troll$ private corpor,n all or
  sub/anti,y all (! fair m>ket value (!
  assets ( : is attributa# 6assets us$
  pr9cip,y 9 an active busi;s c>ri$ on
  prim>ily 9 ,canada or %>es or debts (
  3nect$ small busi;s corpor,ns or a
  -b9,n (! two4 ,=! purposes ( det]m9+ a
  busi;s 9ve/;t loss1 a corpor,n t 0 a
  small busi;s corpor,n at any "t 9 !
  #ab mon?s 2f ! 4posi;n (! %>e or debt1
  z ! case may be1 w 2 3sid]$ 6be a
  small busi;s corpor,n4

  ,! ,canadian-3troll$ private corpor,n
  ref]r$ 6in p>agraph #c7b7 abv &
  p>agraph #f 2l has 6be3             #h
             ,,it-#dhd;,r#b          d#b
    --a small busi;s corpor,n2
    --a bankrupt 7z def9$ 0! ,bankruptcy
      & ,9solv5cy ,act7 t 0 a small
      busi;s corpor,n :5 x la/ 2came a
      bankrupt2 or
    --a corpor,n ref]r$ 6in sec;n #f (!
      ,w9d+-up ,act t 0 9solv5t 7)9 !
      m1n+ ( t ,act7 & 0 a small busi;s
      corpor,n at ! "t a w9d+-up ord] "u
      t ,act 0 made = t corpor,n4
  ,! m1n+ ( 8,canadian-3troll$ private
  corpor,n0 z def9$ 9 subsec;n #abe7#g7
  is 4cuss$ 9 ! curr5t v].n ( ,,it-#deh1
  ,canadian-,3troll$ ,private ,corpor,n4
#e4 ,a debt [$ 6a corpor,n 0a non->m's
  l5g? corpor,n is exclud$ f debts
  ref]r$ 6in p>agraph #c7b7 abv & "!=e
  any capital loss result+ f a 4posi;n
  "!( w n"e qualify z a busi;s 9ve/;t
  loss4
#f4 ,subsec;n #ej7#a7 deems a taxpay] 6h
  4pos$ (a debt or a %>e (a corpor,n at
  ! 5d (a tax,n ye> = nil proce$s & 6h
                                      #i
             ,,it-#dhd;,r#b          e#b
  reacquir$ x immly "!af at a co/ ( nil
  if3
  --in ! case (a debt 7o!r ?an a debt f
    ! sale ( p]sonal use prop]ty71 !
    debt is [+ 6! taxpay] at ! 5d (!
    tax,n ye> & x is e/abli%$ 0! taxpay]
    6h 2come a bad debt 9 ! ye>2 &
  --in ! case (a %>e 7o!r ?an a %>e rcvd
    z 3sid],n f ! sale ( p]sonal use
    prop]ty71 ! taxpay] [ns ! %>e (!
    corpor,n at ! 5d (! tax,n ye> &!
    corpor,n3
    --has 2come a bankrupt 7z def9$ 0!
      ,bankruptcy & ,9solv5cy ,act7 9 !
      ye>2
    --is a corpor,n ref]r$ 6in sec;n #f
      (! ,w9d+-up ,act t 0 9solv5t 7)9 !
      m1n+ ( t ,act7 &= : a w9d+-up ord]
      "u t ,act 0 made 9 ! ye>2 or
    --at ! 5d (! ye>1 is 9solv5t1 & nei
      ! corpor,n1 nor a corpor,n x
      3trols1 c>ries on busi;s4 ,al1 at
      t "t1 ! %>e has a fair m>ket value
      ( nil & x is r1sona# 6expect   #aj
             ,,it-#dhd;,r#b          f#b
      t ! corpor,n w 2 4solv$ or w.d-up
      & w n -m;e 6c>ry on busi;s4
  ,= tax,n ye>s 5d+ af ,febru>y #ba1
  #aiid1 a taxpay] m/ elect 6h subsec;n
  #ej7#a7 apply 9 respect (a debt or a
  %>e4 ,= tax,n ye>s 5d+ 2f ,febru>y
  #bb1 #aiid1 an elec;n 0 n requir$ 9
  ord] 6h subsec;n #ej7#a7 apply 9
  respect (a debt4
--------------------------------------#c
  ,if subsec;n #ej7#a7 applies1 !
  taxpay] is deem$ 6h 4pos$ (! prop]ty =
  nil proce$s &a capital loss w >ise4
  ,if ! debt is [$ 7except z 4cuss$ 9
  p>agraph #e abv7 0a ,canadian-3troll$
  private corpor,n 7see p>agraph #d abv7
  or ! %>e is a %>e (a small busi;s
  corpor,n1 ! loss w 2 3sid]$ a busi;s
  9ve/;t loss4 ,subsec;n #ej7#a71 z x
  applies 9 respect (a capital debt1 is
  4cuss$ 9 ! curr5t v].n ( ,,it-#aei1
  ,capital ,debts ,e/abli%$ 6,be ,bad
  ,debts4
                                     #aa
             ,,it-#dhd;,r#b          a#c
#g4 ,! busi;s 9ve/;t loss f a 4posi;n
  describ$ 9 p>agraph #c abv is ! am.t
  0: ! taxpay]'s capital loss f !
  4posi;n exce$s ! am.t ( any applica#
  reduc;n 4cuss$ 9 p>agraphs #h 6#aa 2l4
  ,! por;n (! capital loss t does n
  qualify z a busi;s 9ve/;t loss 72c (
  any reduc;n 4cuss$ 9 p>agraphs #h 6#aa
  2l7 rema9s a capital loss4
#h4 ,9 det]m9+ a taxpay]'s busi;s 9ve/;t
  loss1 ! capital loss result+ f !
  4posi;n (a %>e (a small busi;s
  corpor,n 9 ! circum/.es describ$ 9
  p>agraph #c abv is reduc$3
  7a7 "u subp>agraph #ci7#a77c77;v71 0!
    am.t ( any 9cr1se af #aigg1 f !
    applic,n ( subsec;n #he7#d71 9 !
    adju/$ co/ base 6! taxpay] ( ei t
    %>e or any 8replac$ %>e0 7see
    p>agraph #ab 2l72
  7b7 "u subp>agraph #ci7#a77c77;vi71 0!
    am.t (! taxa# divid5ds rcvd af #aiga
    & 2f or ^u ! 4posi;n (! %>e 7z well
                                     #ab
             ,,it-#dhd;,r#b          b#c
    z s* divid5ds receiva# ^u ! 4posi;n7
    by
    7;i7  ! taxpay]1
    7;ii7 ! taxpay]'s sp\se1 or
    7;iii7 a tru/ ( : ! taxpay] or !
      taxpay]'s sp\se 0 a b5efici>y
    
    if ! %>e 0 issu$ 2f #aigb or 0 a
    8sub/itut$ %>e0 7see p>agraph #ab
    2l71 o!r ?an a %>e or a sub/itut$
    %>e t 0 acquir$ af #aiga f a p]son )
    :om ! taxpay] 0 d1l+ at >m's l5g?2 &
  7c7 "u subp>agraph #ci7#a77c77;vii71
    if ! taxpay] is a sp\se tru/ ref]r$
    6in p>agraph #ajd7#d77a71 0! am.t (
    all taxa# divid5ds rcvd af #aiga or
    receiva# at ! "t (! 4posi;n 0!
    settlor 7z def9$ 9 subsec;n
    #ajh7#a77 or 0! settlor's sp\se on !
    %>e if ! %>e 0 issu$ 2f #aigb or 0 a
    sub/itut$ %>e1 o!r ?an a %>e or a
    sub/itut$ %>e t 0 acquir$ af #aiga f
    a p]son ) :om ! sp\se tru/ 0 d1l+ at
    >m's l5g?4                       #ac
             ,,it-#dhd;,r#b          c#c
,note3
  ,! ,notice ( ,ways & ,m1ns ,mo;n (
  ,june #bj1 #aiif1 proposes 6rep1l
  subsec;n #he7#d74 ,9 g5]al t]ms1
  subsec;n #he7#d7 applies 6d5y a loss
  on a taxpay]'s transf] ( prop]ty 6a
  corpor,n t is 3troll$ 0! taxpay]1 !
  taxpay]'s sp\se or a p]son or gr\p (
  p]sons 0:om ! taxpay] is 3troll$4
  ,9/1d1 ! am.t (! loss is a4$ 6! adju/$
  co/ base ( %>es (! corpor,n [n$ 0!
  taxpay] "r af ! transf]4 ,z m5;n$ 9
  p>agraph #h7a7 abv1 9 det]m9+ a
  taxpay]'s busi;s 9ve/;t loss1 !
  capital loss result+ f ! 4posi;n (a
  %>e (a small busi;s corpor,n is reduc$
  "u subp>agraph #ci7#a77c77;v7 0! am.t
  ( any 9cr1se af #aigg1 f ! applic,n (
  subsec;n #he7#d71 9 ! adju/$ co/ base
  6! taxpay] ( ei t %>e or any 8replac$
  %>e40 ,if 5act$ z propos$1 subsec;n
  #he7#d7 w n apply 64posi;ns ( prop]ty
  o3urr+ af ,april #bf1 #aiie1 subject
  6c]ta9 excep;ns4 ,g5],y1 !         #ad
             ,,it-#dhd;,r#b          d#c
  excep;ns exclude transac;ns 9 progress
  2f ,april #bg1 #aiie4

#i4 ,9 det]m9+ ! busi;s 9ve/;t loss ( an
  9dividual or a tru/ f a 4posi;n (a %>e
  or debt describ$ 9 p>agraph #c abv1 !
  capital loss result+ f s* 4posi;n is
  reduc$ "u subp>agraph
  #ci7#a77c77;viii7 0! am.t det]m9$ 9
  p>agraph #aj 2l 9 ! case ( an
  9dividual or p>agraph #aa 2l 9 ! case
  (a tru/4
#aj4 ,an 9dividual 7o!r ?an a tru/7 is
  requir$ "u subsec;n #ci7#i7 6reduce !
  am.t (a busi;s 9ve/;t loss =a tax,n
  ye> o!rwise det]m9$ 0! total ( am.ts
  ea* ( : is f\r-?irds 7except z not$
  2l7 (! am.t1 if any1 deduct$ "u sec;n
  #aaj.f z a capital ga9s deduc;n 9 a
  prior tax,n ye>1 6! ext5t t s* an am.t
  has n previ\sly be5 appli$ 9 ? mann] 9
  respect ( o!r 4posi;ns4
  ,! abv ref];e to 8f\r-?irds (! am.t0
  %d 2 r1d z a ref];e to3            #ae
             ,,it-#dhd;,r#b          e#c
  --8?ree-two (! am.t0 if ! prior ye>
    5ds af #aihg & 2f #aiij 7except if !
    capital ga9s deduc;n 0 9 respect (a
    deem$ taxa# capital ga9 9clud$ 9
    9come "u subp>agraph #ad7#a77a77;v71
    9 : case ! ref];e to 8f\r-?irds (!
    am.t0 is applica#72 &
  --8twice ! am.t0 if ! prior ye> 5ds 2f
    #aihh4
#aa4 ,a tru/ is requir$ "u subsec;n
  #ci7#aj7 6reduce ! am.t (a busi;s
  9ve/;t loss =a tax,n ye> o!rwise
  det]m9$ 0! total ( am.ts ea* ( : is
  f\r-?irds 7except z not$ 2l7 (! am.t1
  if any1 designat$ "u subsec;n
  #ajd7#ba.b7 9 respect (a b5efici>y =a
  prior tax,n ye> =! purpose (! capital
  ga9s deduc;n "u sec;n #aaj.f1 6! ext5t
  t s* an am.t has n previ\sly be5
  appli$ 9 ? mann] 9 respect ( o!r
  4posi;ns4
  ,! abv ref];e to 8f\r-?irds (! am.t0
  %d 2 r1d z a ref];e to3
                                     #af
             ,,it-#dhd;,r#b          f#c
  --8?ree-two (! am.t0 if ! prior ye>
    5ds af #aihg & 2f #aiij 7except if !
    am.t designat$ 0 9 respect (a deem$
    taxa# capital ga9 9clud$ 9 !
--------------------------------------#d
    tru/'s 9come "u subp>agraph
    #ad7#a77a77;v71 9 : case ! ref];e to
    8f\r-?irds (! am.t0 is applica#72 &
  --8twice ! am.t0 if ! prior ye> 5ds 2f
    #aihh4
#ab4 ,! t]m 8replac$ %>e0 9 p>agraph
  #h7a7 abv ref]s 6any %>e1 9 a l9e (
  ex*anges or sub/itu;ns1 t 0 replac$
  0ano!r %>e4 ,= purposes ( p>agraph
  #h7a7 abv1 only g back z f> z any
  replac$ %>e t exi/$ on ,janu>y #a1
  #aigh4 ,a 8sub/itut$ %>e0 =! purpose (
  p>agraph #h7b7 abv1 ref]s 6any %>e
  acquir$ 9 a l9e ( ex*anges or
  sub/itu;ns : -m;es )a %>e issu$ 2f
  #aigb & 5ds )! %>e : is ! subject (!
  4posi;n4 ,replac$ & sub/itut$ %>es >e
  ^? t >e 4pos$ ( or acquir$1 z ! case
  may be1 z a result ( corporate     #ag
             ,,it-#dhd;,r#b          a#d
  reorganiz,ns & rollov]s & wd 9clude ^?
  %>e ex*anges or sub/itu;ns 6: sec;ns
  #ea1 #he1 #he.a1 #hf1 & #hg >e
  applica#4
#ac4 ,if a %>ehold] is d1l+ at >m's l5g?
  )a small busi;s corpor,n1 a busi;s
  9ve/;t loss may >ise :5 ! %>es ( t
  corpor,n >e redeem$ or pur*as$ =
  c.ell,n4 ,subsec;n #hd7#i7 provides t
  %>es >e 4pos$ ( 0! %>ehold] 6!
  corpor,n at ! "t !y >e redeem$1
  acquir$ or c.ell$ 0! corpor,n4 ,any
  deem$ divid5d on a redemp;n1 acquisi;n
  or c.ell,n (a %>e may reduce ! busi;s
  9ve/;t loss z 9dicat$ 9 p>agraph #h7b7
  abv4
#ad4 ,9 ! case (a pay;t made 0a taxpay]
  "u a gu>antee 9 respect (a corpor,n's
  liabilities1 a debt does n >ise 2t !
  corpor,n &! taxpay] until ! pay;t is
  made4 ,9 "s cases1 ? pay;t may 2 made
  subsequ5t 6! "t ! corpor,n 0 a small
  busi;s corpor,n & ? may o!rwise
  preclude any result+ capital       #ah
             ,,it-#dhd;,r#b          b#d
  loss f 2+ a busi;s 9ve/;t loss4 ,"u
  subsec;n #ci7#ab71 a pay;t made 0a
  taxpay] "u a gu>antee (! debts (a
  corpor,n is deem$ 6be a debt [+ 6!
  taxpay] 0a small busi;s corpor,n if3
  --! pay;t 0 made 6an >m's l5g? p]son2
    &
  --! corpor,n 0 a small busi;s corpor,n
    bo? at ! "t ! corpor,n's debt 9
    respect ( : ! pay;t 0 made 0 9curr$
    & at any "t 9 ! #ab mon?s 2f ! "t
    any am.t f/ 2came paya# "u !
    gu>antee4
  
  ,:5 ^! 3di;ns >e met1 ! taxpay] may 2
  eligi# 6claim a busi;s 9ve/;t loss on
  any am.ts [+ 6! taxpay] = pay;ts made
  "u ! gu>antee ev5 if ! corpor,n has
  c1s$ 6c>ry on an active busi;s4

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