X Ltd. has net income for tax purposes of $110,000 and taxable income of $80,000. The net income includes $7,000 of taxable Canadian dividends, $9,000 taxable capital gains, and $6,000 interest income. The taxable income calculation includes deductions for a net capital loss of $5,000 and a non-capital loss of $10,000. The $500,000 business limit has been assigned to an associated corporation. Determine X's refundable tax on investment income. $ 0

X Ltd. has net income for tax purposes of $110,000 and taxable income of $80,000. The net income includes $7,000 of taxable Canadian dividends, $9,000 taxable capital gains, and $6,000 interest income. The taxable income calculation includes deductions for a net capital loss of $5,000 and a non-capital loss of $10,000. The $500,000 business limit has been assigned to an associated corporation. Determine X's refundable tax on investment income. $ 0

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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