StarForce Ltd. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
StarForce Ltd. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property income: Net Rental Income $ 17,600.00 Capital Gains 91500 Dividends From Portfolio Investments 41300 Interest On Long-Term Investments 17,450 Foreign Non-Business Income - Net Of 8 Percent Withholding 18,400 The Company's 2020 Net Income For Tax Purposes is $232,350. The Company has available a net capital loss carry forward of $24,000 [(1/2)($48,000)], which is deducted from Taxable Income. A $14,250 small business deduction and a foreign non-business tax credit of $1,600 served to reduce Tax Payable. Assume that the Company's Part I Tax Payable has been correctly determined to be $37,133. Determine the refundable amount of Part I tax for the year ending December 31, 2020. StarForce Ltd. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property income: Net Rental Income $ 17,600.00 Capital Gains 91500 Dividends From Portfolio Investments 41300 Interest On Long-Term Investments 17,450 Foreign Non-Business Income - Net Of 8 Percent Withholding 18,400 The Company's 2020 Net Income For Tax Purposes is $232,350. The Company has available a net capital loss carry forward of $24,000 [(1/2)($48,000)], which is deducted from Taxable Income. A $14,250 small business deduction and a foreign non-business tax credit of $1,600 served to reduce Tax Payable. Assume that the Company's Part I Tax Payable has been correctly determined to be $37,133. Determine the refundable amount of Part I tax for the year ending December 31, 2020.
Expert Answer:
Answer rating: 100% (QA)
Tax reported 37133 Less actual tax 30925 Tax credit 6208 Net rental income 17600 ... View the full answer
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1119392422
8th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Kitchen World Inc. is a Canadian controlled private corporation (CCPC) that operates a retail business selling cooking utensils, knives and small appliances for both professional chefs and home...
-
Niles Wholesale Ltd. (NWL), is a Canadian controlled private corporation that was incorporated fifteen years ago by Ms. Jessenia Niles. Its only business activity is the sale of French sourced...
-
Venus Williams Inc. (VWI) is a Canadian controlled private corporation (CCPC) with a December 31 year end. For the taxation year ending December 31, 2020, its Net income for Tax Purposes was made up...
-
The following information relates to the business of Biddulph, for the year ended 31 March 20*8: Stock at 1 April 20*7 4,560; stock at 31 March 20*8 5,050; purchases for the year 47,800; sales for...
-
Lallone Company makes fine jewelry that it sells to department stores throughout the United States. Lallone is trying to decide which of two bracelets to manufacture. Cost data pertaining to the two...
-
(a) What are the crucial concerns for an American company attempting to protect its intellectual property rights abroad? (b) What U.S. laws apply to the transfer of various technologies and products...
-
In 2006, CKX, Inc., a New York sports entertainment company, paid \($50\) million for an 80 percent ownership interest in G.O.A.T. LLC. (G.O.A.T. stands for Greatest of All Time and is a business...
-
The 2012 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro had no noncash investing and financing transactions during 2012. Requirement 1. Prepare the...
-
Review the different forms of waste (muda) discussed in Lean. Discuss three forms of waste that are present in daily activities or at work.
-
Pullman, Inc. acquired a controlling interest in Sierra Company on 1/1/20x1. At that time, the book value of Sierra Companys net assets was $16,970,000, including the following: Fair Value Book Value...
-
Given (a) [f(x) dx = 0 and [f(x). -1 (x) dx f(x) dx = 6, evaluate the following. d (b) (c) L'(x) dx - Lf(x) dx 4f(x) dx LAF (d) 4f(x) dx
-
How does business-to-business branding differ from consumer products branding? Why should a business-to-business marketer care about building a strong brand?
-
57 =5 Determine the eigen values and the corresponding eigen vectors of the matrix = 0 4 -1 Hence find the matrix P such that P'AP is diagonal matrix. 28-3
-
The stock of FM430.com is trading at $25 today. Exactly one year ago, the stock was trading at $32.50. (b) Assume instead that the stock paid quarterly dividends of $1.25, $2.45, $0.25, $0.25. The...
-
Pick two of my favorite KPIs from The Very Best Digital Metrics For 15 Different Companies and what tools I used to measure them. I can include any KPI related to the entire customer life cycle, such...
-
What are the trends in the job market for Marketing Communications? How is the Marketing Communications field changing? Is the economy affecting the Marketing Communications job market? How so? How...
-
2 2. Determine the interval(s) of increase and decrease for f(x) = x (x - 4).
-
1. Firms may hold financial assets to earn returns. How the firm would classify financial assets? What treatment will such financial assets get in the financial statements in accordance with US GAAP...
-
Data for Stiever Corporations maintenance costs is shown below. Compute the variable- and fixed-cost elements using regression analysis. Present your solution in the form of a cost equation. (We...
-
For Roche Inc., variable manufacturing overhead costs are expected to be $20,000 in the first quarter of 2020, with $5,000 increments in each of the remaining three quarters. Fixed overhead costs are...
-
Sales budget data for Paige Company are given in BE9.2. Management desires to have an ending finished goods inventory equal to 25% of the next quarters expected unit sales. Prepare a production...
-
Match the reconciling items from the left-hand column with the proper reconciling action from the right-hand column: 1. Deposits in transit 2. Outstanding checks 3. Bank service charge 4. Cash...
-
At December 31, 2019, the Cash account in the Tyler Companys general ledger had a debit balance of \($18,434.27\). The December 31, 2019, bank statement showed a balance of \($19,726.40\). In...
-
Excerpts from the statements of comprehensive income for Yaoming Adventures Limited for the years 20X2 through 20X4 are as follows: (stated in millions of Canadian dollars) Operating earnings from...
Study smarter with the SolutionInn App