ABC Ltd. is a Canadian-controlled private corporation located in London, Ontario. For its fiscal year ended December 31, 2023, the corporation had correctly calculated its income for tax purposes under Division B as follows:
	Domestic sources:
	Advertising agency loss	- 73,000
	Dividends from non-connected taxable Canadian corporations (eligible)	16,000
	Interest income from five-year bonds	22,000
	Interest income on outstanding accounts receivable in retailing business	14,000
	Wholesale income	187,000
	Profit on the sale of excess land (Note 1)	105,000
	Recapture of CCA (Note 2)	10,000
	Rental income (Note 3)	36,000
	Retailing income	410,000
	Royalty income from the sale of a trade name	6,000
	Taxable capital gains net of losses (from active assets)	63,000
	Division B net income for tax purposes	796,000
NOTES:
1	The land had been held for approximately two years. It had been held vacant in order to realize a profit on its sale at the right time.
2	The recapture resulted from the sale of some fixtures used in the retailing business.
3	The rental income was derived from leasing the entire space on a five-year lease in an unused warehouse.
Additional Information:
(A)	ABC Ltd. made the following selected payment during the year:
	Charitable donations	12,000
(B)	Four quarterly dividends of $45,000 (non-eligible) were declared on the last day of each calendar quarter of 2023 and paid two weeks later. A dividend of $30,000, (non-eligible) declared in the last quarter of 2022, was paid in January 2023. Additionally, a separate eligible dividend was declared and paid in 2023 of $10,000.
( C)	ABC Ltd. had allocated $50,000 of its business limit to other associated corporations. The taxable capital of the associated group was less than $10,000,000.
(D)	The balances in the tax accounts on January 1, 2023 were:
	Charitable donation carryforward	2,500
	Non-capital losses from 2017	40,500
	Net capital losses from 1998	12,000
	Refundable dividend tax on hand (non-eligible)	20,500
	Dividend refund for 2022 (non-eligible)	8,500
REQUIRED:
(a)	Assume that the current year's passive income is equal to the prior year's passive income.
	Compute the federal Part I tax payable by the corporation for the 2023 taxation year.
	Show in detail the calculation of all tax deductions, using a separate schedule for each, as needed. Indicate the appropriate provision from the Income Tax Act for each major section. For example, you need to provide the section for the calculation of the small business deduction, but not each of the components thereof.
(b)	Compute the refundable tax on hand balances (eligible and non-eligible) as at December 31, 2023, showing in detail your calculation.
( c)	Compute the dividend refund for the 2023 taxation year.
					ITA PROVISION
	Active Business Income	524,000			9(1)
	Foreign business income	0			9(1)
	Royalty income	6,000			9(1)
	Foreign non-business income	0
	Interest income on bonds	22,000			12(1)(c)
	Interest income on o/s a/r	14,000			12(1)(c)
	Recapture of CCA	10,000			13(1)
	Rental Income	36,000			9(1)
	Taxable capital gains in excess of allowable capital losses	63,000			38(a)
	Dividends from taxable Canadian corporations - non-connected	16,000			12(1)(j)
	Profit on sale of excess land	105,000
	Income under Division B	796,000			Division B, section 3
	Deductions:
	Taxable Income
	Tax	0
	federal tax abatement	0
			0
	Small business deduction - % of the least of: