Buddy Ltd., a Canadian private corporation, owns 40% of the voting shares of Alpha Ltd. In the current year, Alpha paid an eligible dividend of $90,000, which triggered a dividend refund of $30,000 to Alpha. Buddy also received a non-eligible dividends of $50,000 from its wholly-owned subsidiary, Red Ltd., and eligible dividends of $40,000 from two Canadian public corporations in which Buddy owns less than 1% of the issued shares. Red carries on an active business and, thus, did not receive a dividend refund.

Determine the refundable Part IV tax payable by Buddy Ltd. for the current year.