Small Limited, a CCPC with a December 31 year-end, spent $4 million in current qualifying SR&ED expenditures
Question:
Small Limited, a CCPC with a December 31 year-end, spent $4 million in current qualifying SR&ED expenditures in 2016. Small Limited is not associated with any other corporation and may be eligible for an ITC of 35%. Its taxable capital for the preceding year was $9 million.
REQUIRED
Determine the amount of ITCs and refundable ITCs for 2016 on the assump¬ tion that its taxable income for the preceding year was;
(1) $500,000,
(2) $600,000, and
(3) $800,000.
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Step by Step Answer:
NOTES TO SOLUTION 1 35 X 3000000 X 100 15 X 1000000 X 40 2 ...View the full answer
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Related Book For 
Introduction To Federal Income Taxation In Canada 2016-2017
ISBN: 9781554968725
37th Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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