Alpha Corporation is a Canadian-controlled private corporation located in Toronto, Ontario. For its fiscal year ended December 31, 2023, the corporation had calculated its income for tax purposes under Division B as follows: Domestic sources: Gross Wholesale income .. $685,500 Less: Cost of Goods Sold and other expenses including CCA .(414,200) Net Wholesale income......$271,300 ADD: Dividends from non-connected taxable Canadian corporationsnon eligible....12,000 Interest income from 10-year Term Deposits .....30,000 Interest income on outstanding accounts receivable in retailing business.25,000 Maintenance income .... ....87,000 Profit on the sale of excess land (Note 1) ...........45,000 Recapture of CCA (Note 2) 17,000 Rental income (Note 3)....26,000 Royalty income from the sale of a trade name ....32,000 Capital gains Note 7.........35,000 Dividends from subsidiary30%ownershipnon eligible .Note 6 ...14,000 Foreign sources: Non foreign income in Cdn $ (note 5)13,000 Foreign business income in Cdn. $ (Note 4)....58,000 Division B net income for tax purposes..,,.$665,300 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 to a subsidiary who income was derived from active business 4) Foreign income tax on the gross foreign business income of $58,000 earned through an unincorporated branch in the U.S. was paid in the amount of Cdn. $8,000. 5) Non-Foreign income tax on the gross non-foreign income of $13,000 was Cdn. $3,000. 6) The subsidiary received a dividend refund of $4,000

7) The taxable capital gains were calculated as follows: Inactive CG Marketable securities Active CG Equipment Total Proceeds . . . . . . . . . . . . . . . . . . . . . . . . $48,000 $ 2,200 $30,200 Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 7,200 10,200 Gain (Loss) . . . . . . . . . . . . . . . . . . . . . . . . $40,000 $ (5,000) $ 35,000 Additional information: (a) Alpha Corporation made the following selected payments during the year: (b) Charitable donations which were expensed in Cost of Goods sold but was never added back on in computing Division B Income. $27,000 (c) Four quarterly dividends of $15,000 were declared on the last day of each calendar quarter of 2023 and paid two weeks later. A dividend of $10,000, and a capital dividend of $50,000 were declared in the last quarter of 2022, was paid in January 2023. (d) Alpha Corporation had allocated $45,000 of its business limit to other associated corporations. (e) The corporation has permanent establishments in Toronto, Ontario and the U.S. Its gross revenue and salary and wages information is as follows: Gross Revenue Salary and Wages Toronto, Ontario 70% 60% U.S.A 30 % 40% (f) The balance in the tax accounts on January 1, 2023, were: Charitable donation carry forward2021.... $ 4,500 Unused business foreign tax credit.........15,000 Non-capital losses from 2015.. 76,500 Net capital losses from 2016....35,500 Refundable dividend tax on hand before 2022 refund.....18,500 Dividend refund for 2022.... 8,500 (g) Alpha taxable capital including it associated companies was $9,800,000 Required:

(A) Compute the federal Part I tax and provincial tax at a 12% rate on federal taxable income payable by the corporation for the December 31, 2023, taxation year. Show in detail the calculation of all tax deductions in the computation, using a separate schedule for each special tax deduction. (B) Compute the refundable tax on hand balance as of December 31, 2023, showing in detail your calculation and compute the dividend refund for the 2023 taxation year end.

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