Question
Max Inc., a Canadian-controlled private corporation, has a fiscal year end of December 31. Max Inc. is not associated with any other corporation and all
Max Inc., a Canadian-controlled private corporation, has a fiscal year end of December 31. Max Inc. is not associated with any other corporation and all of its income is earned in Canada. The following selected tax information has been provided for 2023:
Active business income | 300,000 |
Taxable income | 450,000 |
Taxable capital employed in Canada in 2022 | 30,000,000 |
Required: Determine Max Inc.'s small business deduction for the 2023 taxation year.
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
11th edition
978-1111530266
