200 3,600 30,750 0,759 PROBLEM 2 (20 marks) balance in its Non-Eligible RDTOH was $17,560. On this date, the Company had nil Walsh Ltd. is a CCPC with a November 30, 2021 year end. At December 1, 2020, the balances in both its GRIP and its Eligible RDTOH. During the taxation year ending November 30, 2021, Walsh had Taxable Income of $502,950. Net Income for Tax Purposes does not include any foreign source income. No net capital losses were deducted in determining Taxable Income. The Company's Net Income for Tax Purposes includes the following amounts of non- operating income: Capital Gains $90,200 Net Rental Income from Residential Properties Dividends From Connected Company (See Note) Eligible Dividends from Canadian Public Companies 15,000 81,400 26,200 = 212,800 Note - These dividends, none of which were designated as eligible, were received from Murphy, another CCPC. Walsh owns 65% of this company's voting shares. As a consequence of paying a dividend, Murphy received a dividend refund on the total dividend paid of $20,386. Walsh is associated with four other companies. The annual business limit for the small business deduction is shared equally by Walsh and these companies. The $100,000 allocation is less than the Company's active business income for the year of $290,150. Walsh Inc. paid taxable dividends of $66,560 during the year. It is the policy of the corporation to designate dividends as eligible only to the extent that a dividend refund will be available on their payment. For the year ended November 30, 2020, Walsh and its associated companies had combined ADJUSTED Aggregate Investment Income of $49,000 and Taxable Capital Employed in Canada totalling $1,900,000. Required: Determine the following showing ALL calculations, provide explanations of decisions where necessary: A. The refundable portion of Part I Tax Payable at year end. B. Part IV Tax Payable for the year ended November 2021.