Question: Fire Inc. is a CCPC. It has two subsidiaries. Information related to these subsidiaries is as follows Water Ltd. - Fire Inc. owns 60% of

Fire Inc. is a CCPC. It has two subsidiaries. Information related to these subsidiaries is as follows

Water Ltd. - Fire Inc. owns 60% of Water Ltd. In 2021, Water Ltd. paid dividends of $120,000. Water Ltd. received a dividend refund of $40,000 as a result of paying these dividends.

Ice Inc. - Fire Inc. owns 100% of Ice Inc. In 2021, Ice Inc. paid total dividends of $50,000. No dividend refund was received as a result of paying these dividends

In addition to the dividends received from subsidiaries, Fire Inc. received $30,000 in dividends from various portfolio investments.

Required:

Determine the Part IV Tax Payable by Fire Inc. as a result of receiving these dividends.

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