Question
Apple inc. is a CCPC with a net income for tax purposes to be $652,000 for the year ended December 31, 2019. The following additional
Apple inc. is a CCPC with a net income for tax purposes to be $652,000 for the year ended December 31, 2019. The following additional information is available:
Non-capital loss carryforward $40,000
Eligible portfolio dividends 25,000
Interest income (Canadian) on long-term investments10,000
Accounting gain on disposal of assets 65,000
Taxable capital gain on disposal of assets
Non-eligible refundable dividend ta on hand(NERDOTH) balance 2500
Eligible refundable dividend tax on hand (ERDOTH) balance 0
Prior year dividend refund from non-eligible dividend paymnet 2000
Dividend from wholly owned subsidiary 50000
dividend refund received by the wholly owned subsidiary from NERDOTH account 4000
share of annual business limit used by wholly owned subsidiary 200000
non-eligible dividend paid to shareholders during year 60000
a) What is the active business income? b) aggregate investment income? refundable portion of Part I tax?
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