Investco Ltd., a private corporation, received dividend income from taxable Canadian corporations at its year-end, December 31,

Question:

Investco Ltd., a private corporation, received dividend income from taxable Canadian corporations at its year-end, December 31, 2022, as follows:

Investco Ltd. owns 80% of the issued shares of Subsidiary. Subsidiary’s dividend refund for its year ended December 31, 2022, was $4,000.

Required:

Calculate the Part IV tax payable by Investco Ltd. for its year ended December 31, 2022.

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Canadian Income Taxation 2022/2023

ISBN: 9781260881202

25th Edition

Authors: William Buckwold, Joan Kitunen, Matthew Roman

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Question Posted: Apr 12, 2023 01:10 AM

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Investco Ltd., a private corporation, received dividend income from taxable Canadian corporations at its year-end, December 31,

Question:

Portfolio dividends from public corporations Dividends from Subsidiary $60,000 30,000 $90,000

Step by Step Answer:

The Part IV tax payable by Investco Ltd is 26200 computed as follows ITA 1861 Subsidiar...View the full answer

Canadian Income Taxation 2022/2023

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