Question
A Ltd. and B Ltd. are partners in active partnership carrying on business in Canada. In the current year, the partnership earned $700,000 of active
A Ltd. and B Ltd. are partners in active partnership carrying on business in Canada. In the current year, the partnership earned $700,000 of active business income. A and B share partnership profits equally. A operates its own business which earned active business income of $400,000 in the current year. B's only income source is the partnership. What is the maximum income that is eligible for the small business deduction on B's tax return?
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Canadian Income Taxation 2022/2023
Authors: William Buckwold, Joan Kitunen, Matthew Roman
25th Edition
1260881202, 978-1260881202
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