Although Dan Kim's business had a rocky start, the company had a net profit of $510,000 during its first year. What was the value of the tax liability for Dan Kim's business for the year ended Dec 31, 2019? Assume... The business, an incorporated, Canadian-controlled, private business (CCPC), operated Jan 1 - Dec 31, 2019 The business was located in Barrie, Ontario Jan 1 - Dec 31, 2019 For 2019, Ontario's tax rate for businesses that qualified for Small Business Deduction available to CCPCs, was 3.5%, while those that didn't qualify for the Small Business Deduction, was 11.5%. For 2019, the federal tax rate for businesses that qualified for Small Business Deduction available to CCPCs was 9%, while those that didn't qualify for or exceeded the Small Business Deduction, was 28%.

a. $66,450

b. $63,750

c. $62,500

d. $201,450