In 2020, a Canadian controlled private corporation (CCPC) earned $550,000 of active business income in Canada, and $75,000 of interest income. What wo its federal Part 1 tax payable? Multiple Choice $81,500 $72,000 $64.000

In 2020, a Canadian controlled private corporation (CCPC) earned $550,000 of active business income in Canada, and $75,000 of interest income. What wo its federal Part 1 tax payable? Multiple Choice $81,500 $72,000 $64.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

In 2020, a Canadian controlled private corporation (CCPC) earned $550,000 of active business income in Canada, and $75,000 of interest income. What would be
its federal Part 1 tax payable?
Multiple Choice
$81,500
$72,000
$64,000
$16,500

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