Lax Inc. is a Canadian-controlled private corporation. For the fiscal year ending December 31, 2021, its Net
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Lax Inc. is a Canadian-controlled private corporation. For the fiscal year ending December 31, 2021, its Net Income For Tax Purposes and Taxable Income is made up of active business income of $296,000, plus Adjusted Aggregate Investment Income of $105,000. For 2020, its Adjusted Aggregate Investment Income was $80,000. Its Taxable Capital Employed In Canada was $7 million for 2021 and $6 million for 2020. The amount of the 2021 small business deduction for Lax Inc. is:
a) $28,500
b) $66,500
c) $56,240
d) $76,000
Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
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