ABC Ltd. is a public corporation located in London, Ontario. For its fiscal year ended December 31, 2023, the corporation had correctly calculated its income for tax purposes under Division B as follows:
Operating income	Note 1	385,000
Profit on the sale of excess land	Note 2	300,000
Royalty income	Note 3	15,000
Retailing income		200,000
Interest on o/s accounts receivable in retailing business		14,000
Recapture of CCA	Note 4	30,000
Advertising agency loss		- 52,000
Rental income	Note 5	36,000
Taxable capital gains net of losses (from active assets)		62,000
Interest income from five-year bonds		10,000
Div from non-connected taxable Canadian corporations(eligible)	9,000
Foreign non-business income in Cdn. $	Note 6	25,000
Division B net income for tax purposes		1,034,000
Notes:
This amount of operating income was computed correctly under Division B. The corporation has permanent establishments in Ontario and North Dakota in the United States. Its gross revenue and salary and wages information is as follows:
	Ontario	North Dakota
Gross revenue	10,300,000	3,600,000
Salaries and wages	5,300,000	990,000
The land had been held for approximately three years. It had been held vacant in order to realize a profit on its sale at the right time.
The royalty income had been determined to be property income.
The recapture resulted from the sale of some fixtures used in the retailing business.
The rental income was derived from leasing the entire space on a five-year lease in an unused warehouse.
Withholding tax on the pre-tax non-business income of $25,000 was C$5,000.
Additional information:
(a) ABC Ltd.made the following selected payment during the year:
Charitable donations	12,500
Four quarterly dividends (non-eligible) of $45,000 were declared at the end of each calendar quarter of 2023 and paid within two weeks of their declaration. The last quarter of 2023 was paid in January 2024 and a dividend (non-eligible) of $30,000 declared in the last quarter of 2022 was paid in January 2023.
The balance in the tax accounts on January 1, 2023 were:
Charitable donation carryforward	15,500
Unused business foreign tax credit	14,000
Non-capital losses from 2017	46,500
Net capital losses from 2018	14,500
Required:
Calculate the corporation's minimum taxable income for the year ended December 31, 2023. Support your answer with calculations. Indicate provisions of the Income Tax Act for each adjustment to taxable income.
Compute the federal Part I tax on federal taxable income payable by the corporation for 2023. Show in detail the calculation of all tax deductions in the computation. Indicate the income tax provision for each adjustment to taxes payable.
Division B Income		1,034,000
Taxable income: