A Ltd. and B Ltd. are partners in active partnership carrying on business in Canada. In the
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A Ltd. and B Ltd. are partners in active partnership carrying on business in Canada. In the current year, the partnership earned $700,000 of active business income. A and B share partnership profits equally. A operates its own business which earned active business income of $400,000 in the current year. B's only income source is the partnership. What is the maximum income that is eligible for the small business deduction on B's tax return
Related Book For
Canadian Income Taxation 2022/2023
ISBN: 9781260881202
25th Edition
Authors: William Buckwold, Joan Kitunen, Matthew Roman
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