ACC 642 ________________________________________________________________________ Jazz Corp (insert your full name). is a manufacturer and distributor of computers. It is a CCPC and for the year ended December 31, Current Year (2021), its Accounting financial statements showed net income of $400,000, after a tax provision of $50,000. Jazz own 55% of Sharp Inc., which makes computer parts. Included in the current year income are: Depreciation expense 50,000 Donations to registered charities 30,000 (Non-Eligible)Accounting gain from the sale of shares in a Canadian company. Bought in 2010 for $30,000 and sold in the 2021 for $90,000. 60,000 Loss on sale of an automobile. Class 10.1 (4,000) (NBV-$12,000; Proceeds-$8,000) Meals/Entertainment expenses 18,000 Non-Eligible Taxable dividends-from taxable Canadian corporations 35,000 Non-Eligible Taxable dividends from Sharp Inc., a Canadian Corp. 11,000 Other information: UCC balances at Dec 31, last year Sharps Inc. reported taxable income of $70,000, all of which is ABI, for the year ended December 31, 2021. Jazz wants to ensure that Sharps Inc., pays the least amount of tax possible; Sharps Inc. had noneligible refundable dividend tax on hand of December 31, last year, of $50,000 and paid out (Non- Eligible) $20,000 in cash dividend in 2021 Jazz has Business Loss Carry forward from the year 2018 of $10,000. Jazz has a Non- Eligible RDTOH of $25,000 at December 31, last year, and paid Non-Eligible $70,000 in cash dividend in 2021. Jazzs Eligible RDTOH Opening Balance was Zero. REQUIRED: (Please ensure that you are saving and backing up on your USB Stick/ Cloud. Prepare Jazzs 2021 tax return, minimizing federal tax payable, using CANTAX T2-2021 software. Please PDF the following Schedules only: 1. Tax summary, with your Name. (this will be cover page, if the Correct Tax Summary is not submitted a Zero Grade will be assessed) 2. T2.S1 Reconciliation of taxable income