Question: School Ltd. is a CCPC. During the current year, the Company received the following amount of dividends: Dividends on various portfolio investments $ 20933 Dividends

School Ltd. is a CCPC. During the current year, the Company received the following amount of dividends:

Dividends on various portfolio investments $ 20933
Dividends from College Inc. (100% owned) $ 60172
Dividends from university Inc. (40% owned) $ 37969

School owns 100% of the voting shares of College Inc. and 40% of the voting shares of University Inc. The fair market value of the University Inc. shares equals 40% of the fair market value of all University Inc. shares. As a result of paying the total dividend, University Inc. received a dividend refund of $ 24735. College Inc. received no dividend refund for its dividend payment.
Determine the amount of Part IV Tax Payable by School Ltd. as a result of receiving these dividends.

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