The refundable amount of Part I tax for the current year ending December 31 is:
11. Elm Inc. is a Canadian controlled private corporation. During the current
a) $34,347 b) $59,316 c) $0 d) $75,000
12. Barnum Ltd. is a CCPC with a December 31 year end. For the current taxation year, the Company has a Net Income For Tax Purposes of $451,000. This is made up of active business income of $250,000, dividends from taxable Canadian corporations of $65,000, taxable capital gains of $85,000, and interest income on long-term investments of $50,000. In filing its current year tax return, the company will deduct a non-capital loss carry forward of $170,000, and a net capital loss carry forward of $45,000. Barnum is associated with one other company and they have agreed to split the annual business limit on a 50/50 basis. In the previous year, Barnum’s Taxable Capital Employed in Canada was less than $10 million, and its ADJUSTED Aggregate Investment Income was less than $50,000. Barnum’s additional refundable tax on investment income for the current taxation year is:
a) $18,134 b) $12,617 c) $9,600 d) $0
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