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7) Alvin received $5,000 in eligible dividends this year from Terace Corp. Assuming his federal MTR is 28%, what is his federal tax liability? Assume

7) Alvin received $5,000 in eligible dividends this year from Terace Corp. Assuming his federal MTR is 28%, what is his federal tax liability? Assume the dividend gross up is 38% and the federal dividend tax credit is 15.05%. (4 marks)

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