TV Ltd. is a Canadian-controlled private corporation. The taxable income for its current year has been correctly calculated below.

TV Ltd and Nano Ltd. are associated corporations. For the current year, Nano Ltd. claimed the small-business deduction on $120,000 of its active business income. The taxable capital of the two corporations, combined, is below $10,000,000.
Determine the small-business deduction for TV Ltd. Income tax reference: ITA 125(1), (2), (3).

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S640,000 100,000 24,000 10.000 774,000 (24,000) (30,000) (20,000) $700.000 Business income Taxable capital gains Taxable dividends from Canadian public corporations Interest on five-year bonds Net income for tax purposes Dividends Net capital losses Non-capital losses Taxable income