Murphy Corporation Limited, a Canadian-controlled private corporation with a December 31, 2016 year end, has made the following calculation of its taxable income.

REQUIRED

Compute the refundable portion of the corporation’s Part I tax for 2016. Assume a 10% provincial tax rate and that the foreign tax credit is equal to the amount of foreign tax withheld.

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Canadian investment income Canadian active business income Donations Taxable income $1,000 1,000 $2,000 500 $1,500