GBC Limited is a Canadian controlled private corporation. During 2021, the company received the following dividends:...

  

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GBC Limited is a Canadian controlled private corporation. During 2021, the company received the following dividends: Dividends on Portfolio Investments Dividends from ABC Inc. (100%) ($55,000) $ 35,000 55,000 45,000 Dividends from XYZ Ltd. (30%) ($150,000) GBC owns 100% of the voting shares of ABC Inc. and 30% of voting the shares of XYZ Ltd. The FMV of XYZ Ltd. shares equal 30% of the FMV of all XYZ Ltd. shares. As a result of paying dividends, XYZ received a dividend refund of $14,000, while ABC received a dividend refund of $18,000. Required: Determine the amount of Part IV Tax payable by GBC Limited for the current year as a result of receiving these dividends. Show your full calculations in Excel. Round your answers to the nearest dollar amount if applicable. Do not enter any responses in BB. GBC Limited is a Canadian controlled private corporation. During 2021, the company received the following dividends: Dividends on Portfolio Investments Dividends from ABC Inc. (100%) ($55,000) $ 35,000 55,000 45,000 Dividends from XYZ Ltd. (30%) ($150,000) GBC owns 100% of the voting shares of ABC Inc. and 30% of voting the shares of XYZ Ltd. The FMV of XYZ Ltd. shares equal 30% of the FMV of all XYZ Ltd. shares. As a result of paying dividends, XYZ received a dividend refund of $14,000, while ABC received a dividend refund of $18,000. Required: Determine the amount of Part IV Tax payable by GBC Limited for the current year as a result of receiving these dividends. Show your full calculations in Excel. Round your answers to the nearest dollar amount if applicable. Do not enter any responses in BB.

Answer rating: 100% (QA)

Portfolio Dividend Received from those corporations which hold less than 10 Voting Shares will be Taxable at 3813 of Total Dividend Received ie 383333 Dividend Received from those corporations which hold more than 10 Voting Shares will be taxable at of ownership of corporation ... View the full answer