Assignment Problem Twelve - 9 (Corporate Tax Payable) For the taxation year ending December 31, 2018, Lorne Inc., a Canadian controlled private company, has Net Income For Tax Purposes of $410,500. This is made up of $312,400 of active business income and $98,100 of dividends from various Canadian public companies. It has been determined that $ 211,300 of the active business income qualifies as manufacturing and processing profits. During 2018, the Company makes donations to registered charities totaling $31,400. At the beginning of 2018, the Company has a non-capital loss carry forward of $29,300. It intends to deduct all of this carry forward during 2018. Lorne Inc. is associated with three other CCPCs. The companies have agreed that each company will claim one-quarter of the annual business limit. Required: Determine the minimum Taxable income and Parti federal Tax Payable for Lorne Inc. for the year ending December 31, 2018. Show all calculations, whether or not they are necessary to the final solution. As the corporation operates in a province that has a reduced tax rate for M&P activity, a separate calculation of the federal M&P deduction is required. Assignment Problem Twelve - 9 (Corporate Tax Payable) For the taxation year ending December 31, 2018, Lorne Inc., a Canadian controlled private company, has Net Income For Tax Purposes of $410,500. This is made up of $312,400 of active business income and $98,100 of dividends from various Canadian public companies. It has been determined that $ 211,300 of the active business income qualifies as manufacturing and processing profits. During 2018, the Company makes donations to registered charities totaling $31,400. At the beginning of 2018, the Company has a non-capital loss carry forward of $29,300. It intends to deduct all of this carry forward during 2018. Lorne Inc. is associated with three other CCPCs. The companies have agreed that each company will claim one-quarter of the annual business limit. Required: Determine the minimum Taxable income and Parti federal Tax Payable for Lorne Inc. for the year ending December 31, 2018. Show all calculations, whether or not they are necessary to the final solution. As the corporation operates in a province that has a reduced tax rate for M&P activity, a separate calculation of the federal M&P deduction is required