Assignment Problem welvery (Corporate Tax Payable) For the taxation year ending December 31, 2019, Lorne Inc., a Canadian controlled private company, has Net Income For Tax Purposes of $340,500. This is made up of $312,400 of active business income and $28,100 of dividends from various Canadian public companies. It intends to deduct all of this carry forward during 2019. During 2019, the Company makes donations to registered charities totaling $31,400. and processing profits. tive business income qualifies as manufacturing a Lorne Inc. is associated with three other CCPCs. The companies have agreed that each company will claim one-quarter of the annual business limit. The combined Taxable Capital Employed In Canada for the four associated companies is less than $10 million in both 2018 and 2019. The combined Adjusted Aggregate Investment Income of the four companies was $45,000 in 2018. Required: Determine the minimum Taxable income and PartI federal Tax Payable for Lorne Inc. for the year ending December 31, 2019. Show all calculations, whether or not they are necessary to the final solution. As the corporation operates in a province that has a reduced tax rate for M&P activity, a separate calculation of the federal M&P deduction is required. Assignment Problem welvery (Corporate Tax Payable) For the taxation year ending December 31, 2019, Lorne Inc., a Canadian controlled private company, has Net Income For Tax Purposes of $340,500. This is made up of $312,400 of active business income and $28,100 of dividends from various Canadian public companies. It intends to deduct all of this carry forward during 2019. During 2019, the Company makes donations to registered charities totaling $31,400. and processing profits. tive business income qualifies as manufacturing a Lorne Inc. is associated with three other CCPCs. The companies have agreed that each company will claim one-quarter of the annual business limit. The combined Taxable Capital Employed In Canada for the four associated companies is less than $10 million in both 2018 and 2019. The combined Adjusted Aggregate Investment Income of the four companies was $45,000 in 2018. Required: Determine the minimum Taxable income and PartI federal Tax Payable for Lorne Inc. for the year ending December 31, 2019. Show all calculations, whether or not they are necessary to the final solution. As the corporation operates in a province that has a reduced tax rate for M&P activity, a separate calculation of the federal M&P deduction is required