Halifax Corporation, a CCPC, had taxable income of $450,000 in its fiscal year ending December 31, 2019.
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Question:
Halifax Corporation, a CCPC, had taxable income of $450,000 in its fiscal year ending December 31, 2019. In calculating its taxes owing, the company received a small business deduction of $50,350, and an M&P deduction of $13,000. What is the amount of Halifax Corporation’s General Rate Reduction?
A. Nil
B. $11,050.
C. $45,500.
D. $58,500.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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