Surplus Accumulation Ltd. provides you with the following information: Dispositions during the fiscal year ended December 31,

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Surplus Accumulation Ltd. provides you with the following information:

Dispositions during the fiscal year ended December 31, 2016.

In 2006, the corporation purchased goodwill for $6,000 and has deducted CECA of $2,325 to the present. In 2016, it sold an indefinite-life franchise for $19,000.

REQUIRED

Compute the balance in the corporation’s capital dividend account as at December 31, 2016.

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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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Question Posted: Aug 04, 2023 05:50 AM

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Surplus Accumulation Ltd. provides you with the following information: Dispositions during the fiscal year ended December 31,

Question:

Land Equipment Securities Capital dividends received in "the period" Capital dividends paid in "the period" Cost $20,000 5,000 3,000 Selling costs $1,500 100 200 Proceeds $35,000 500 2,000 $10,000 5,000

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Introduction To Federal Income Taxation In Canada 2016-2017

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