Problem 12 Tecniquip Limited is a public corporation whose head office is located in Toronto, Ontario. The activities of the corporation are carried on through permanent establishments in the provinces of Ontario and Alberta. For the year ended December 31, 2019, Tecniquip Limited obtained the following results: Income from distribution operations in Ontario Income from distribution operations in Alberta.. $1,000,000 1,040,000 Canadian-source interest income (investment) Taxable capital gain... . . . Taxable dividends from taxable Canadian corporations Net income under Division B d97,000 In computing income from distribution, the corporation claimed a deduction subsection 37(1) of the Act for SR&ED. No SR&ED expenditures are expected to be made in 2020. During the year, the corporation made charitable donations totalling $60,000 and claimed non- capital losses of $60,000 and the net capital losses carried forward from 2014 of $6,000. $150,000 under You have been asked to calculate the federal Part I tax payable. Shoy all calculations, whether or ento distributee thi SIL

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Problem 12
Tecniquip Limited is a public corporation whose head office is located in Toronto, Ontario. The
activities of the corporation are carried on through permanent establishments in the provinces of
Ontario and Alberta.
For the year ended December 31, 2019, Tecniquip Limited obtained the following results:
Income from distribution operations in Ontario
Income from distribution operations in Alberta.
$1,000,000
1,040,000
$2,040,060
Canadian-source interest income (investment)
Taxable capital gain.... ..
Taxable dividends from taxable Canadian corporations
d97,000
Net income under Division B
In computing income from distribution, the corporation claimed a deduction
subsection 37(1) of the Act for SR&ED. No SR&ED expenditures are expected to be made in 2020.
During the year, the corporation made charitable donations totalling $50,000 and claimed non-
capital losses of $60,000 and the net capital losses carried forward from 2014 of S6,000.
$150,000 under
You have been asked to calculate the federal Part I tax payable. Show
not necessary to your final answer.
calculations, whether or
this
ento distribute,t
Transcribed Image Text:Problem 12 Tecniquip Limited is a public corporation whose head office is located in Toronto, Ontario. The activities of the corporation are carried on through permanent establishments in the provinces of Ontario and Alberta. For the year ended December 31, 2019, Tecniquip Limited obtained the following results: Income from distribution operations in Ontario Income from distribution operations in Alberta. $1,000,000 1,040,000 $2,040,060 Canadian-source interest income (investment) Taxable capital gain.... .. Taxable dividends from taxable Canadian corporations d97,000 Net income under Division B In computing income from distribution, the corporation claimed a deduction subsection 37(1) of the Act for SR&ED. No SR&ED expenditures are expected to be made in 2020. During the year, the corporation made charitable donations totalling $50,000 and claimed non- capital losses of $60,000 and the net capital losses carried forward from 2014 of S6,000. $150,000 under You have been asked to calculate the federal Part I tax payable. Show not necessary to your final answer. calculations, whether or this ento distribute,t
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