0 1 (Part I And Part IV Refundable Taxes, GRIP) Fuzon Ltd. is a Canadian controlled private corporation. It has been in operation for several years and has a December 31 year end. For the taxation year ending December 31, 2020, its Net Income For Tax Purposes was made up of = the following components: 5 Active Business Income $423,400 7 Dividends From Canadian Corporations: 3 Wholly Owned Subsidiary (All Non-Eligible) 223,600 Portfolio Investments (All Eligible) 101,400 Canadian Source Interest 48,300 Taxable Capital Gains [(1/2)($223,500)] 111,750 Net Income For Tax Purposes $908,450 2 3 Dividends paid to Fuzon Ltd. by the wholly owned subsidiary during 2020 did not result in a dividend refund. 5 The wholly owned subsidiary has been allocated one-half of the annual business limit for the small business deduction, with the remainder to be used by Fuzon. 6 7 At January 1, 2020, Fuzon had the following balanaces: 8 Eligible RDTOH $ 28,137 9 Non-Eligible RDTOH 111,263 GRIP 73,400 0 During 2019, Fuzon Ltd. paid no dividends. 1 2 For 2019, the ADJUSTED Aggregate Investment Income of Fuzon and its associated subsidiary was $42,000. Their Taxable Capital Employed in Canada was $4,650,000 for 2019. 3 4 On September 4, 2020, Fuzon paid taxable dividends to its shareholders in the amount of $265,600. It is the policy of the corporation to designate dividends as eligible only to the extent that a refund will be available on their payment. Required: For Fuzon's 2020 taxation year, calculate the following items: A. Federal Part I Tax Payable. B. The refundable portion of Part I Tax Payable C. Part IV Tax Payable. D. The balance in the GRIP account on December 31, 2020. E. The balances in the Eligible RDTOH and the Non-Eligible RDTOH on December 31, 2020. F. The dividend refund, showing separately the amounts refunded on eligible and non-eligible dividends. 0 1 (Part I And Part IV Refundable Taxes, GRIP) Fuzon Ltd. is a Canadian controlled private corporation. It has been in operation for several years and has a December 31 year end. For the taxation year ending December 31, 2020, its Net Income For Tax Purposes was made up of = the following components: 5 Active Business Income $423,400 7 Dividends From Canadian Corporations: 3 Wholly Owned Subsidiary (All Non-Eligible) 223,600 Portfolio Investments (All Eligible) 101,400 Canadian Source Interest 48,300 Taxable Capital Gains [(1/2)($223,500)] 111,750 Net Income For Tax Purposes $908,450 2 3 Dividends paid to Fuzon Ltd. by the wholly owned subsidiary during 2020 did not result in a dividend refund. 5 The wholly owned subsidiary has been allocated one-half of the annual business limit for the small business deduction, with the remainder to be used by Fuzon. 6 7 At January 1, 2020, Fuzon had the following balanaces: 8 Eligible RDTOH $ 28,137 9 Non-Eligible RDTOH 111,263 GRIP 73,400 0 During 2019, Fuzon Ltd. paid no dividends. 1 2 For 2019, the ADJUSTED Aggregate Investment Income of Fuzon and its associated subsidiary was $42,000. Their Taxable Capital Employed in Canada was $4,650,000 for 2019. 3 4 On September 4, 2020, Fuzon paid taxable dividends to its shareholders in the amount of $265,600. It is the policy of the corporation to designate dividends as eligible only to the extent that a refund will be available on their payment. Required: For Fuzon's 2020 taxation year, calculate the following items: A. Federal Part I Tax Payable. B. The refundable portion of Part I Tax Payable C. Part IV Tax Payable. D. The balance in the GRIP account on December 31, 2020. E. The balances in the Eligible RDTOH and the Non-Eligible RDTOH on December 31, 2020. F. The dividend refund, showing separately the amounts refunded on eligible and non-eligible dividends