TIF PROBLEM THIRTEEN - 8 Simple Corporate Tax Payable With ART Epic Inc. is a Canadian controlled private corporation with a December 31 year end. The following information is available for the year ending December 31, 201?. 1. The Company had Canadian source active business income of $237,000. Of this total, it was determined that $126,000 qualified as manufacturing and processing profits under ITR 52130. 2. During 201 71', the Company received $25,500 in foreign investment income. Thiswas net of $4,500 that was withheld in the foreign jurisdiction. 3. The 201? Net Income For Tax Purposes is equal to $2??,000. This is made up of the $237,000 in active business income, the $30,000 in foreign investment income, and $10,000 in taxable capital gains. 4. Because of a $50,000 non-capital loss thatwas carried forward, Taxable Income for 201}r is equal to $222,000. 5. The Company shares the annual business limit for the small business deduction with two other companies. Epic's share of this limit is $200,000- 5. Assu me that the tax creditfor foreign investment income is equal to the amount withheld. Required: Calculate the federal Part | Tax Payable for the taxation year ending December 31, 201 F". As the corporation operates in a province that has a reduced tax rate for MSxP activity, a separate calculation of the federal MScP deduction is required. Show all of the calculations used to provide the required information, including those for which the result is nil