$$98,800(52\%).$ As a result of paying the $$190,000$ dividend, Mamaroneck Ltd$.$ received a dividend refund in the amount of $$11,600.$

View Teterboro's $2023$ income.

View the additional information.

Read the requirements.

Requirement A$.$ Determine the $2023$ Part IV tax and refundable portion of Part I tax.

In this step, calculate the Part IV tax. $($Round your answers to the nearest whole dollar.$)$

Mamaroneck's Dividend Refund

Teterboro's Percentage of Ownership

$52\%$

Part IV Tax Payable on Mamaroneck's Non$-$Eligible Dividends

Part IV Tax Payable on Eligible Portfolio Dividends from Bank of Montreal

$2023$ Part IV Tax

Additional Information

Teterboro's office supply business is seasonal and, as a consequence, temporary

cash balances must be set aside for the purchase of inventory during the busy

parts of the year. All of the $$1,980$ in interest income was earned on these

temporary cash balances.

At the end of $2022,$ the company's eligible RDTOH balance was nil, and

its non$-$eligible RDTOH balance was $$31,332.$ The $2022$ dividend refund was

$$13,475.$ The corporation had a nil balance in its GRIP on December $31,2022.$

The only addition to the GRIP account in $2023$ is for eligible dividends received in

the year.

The company's $2023$ taxable income was $$74,900.$ There was no foreign income

Assume the Part I income tax payable for $2023$ was correctly calculated as

$$16,530($this amount cannot be reconciled with the data in this problem$).$

Because of its association with Mamaroneck Ltd$.,$ its share of the annual business

limit on income eligible for the small business deduction $($SBD$)$ is $$61,000.$

Teterboro's $2023$ SBD is based on this amount.

Teterboro Inc. paid taxable dividends of $$32,500$ in $2023.$ The corporation's policy

is to maximize the payment of eligible dividends.