Sponge Todd Square Corp (STSC) is a corporation resident in Canada that has asked you to...

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Sponge Todd Square Corp (STSC) is a corporation resident in Canada that has asked you to prepare a calculation of their corporate Part I taxes owing for the 2018 taxation year. They have calculated their taxable income as follows: Active business income - Interest Income (passive) - Foreign income - Losses carried forward Taxable Income $650,000 $70,000 $80,000 (100,000) $700,000 STSC is associated with another corporation. The other corporation has already used $150,000 of the small business deduction limit. Please show all your work. Sponge Todd Square Corp (STSC) is a corporation resident in Canada that has asked you to prepare a calculation of their corporate Part I taxes owing for the 2018 taxation year. They have calculated their taxable income as follows: Active business income - Interest Income (passive) - Foreign income - Losses carried forward Taxable Income $650,000 $70,000 $80,000 (100,000) $700,000 STSC is associated with another corporation. The other corporation has already used $150,000 of the small business deduction limit. Please show all your work.

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