Corporation ABC, a public company, provides you with the following information for this year.

Net income for Tax Purposes (Worldwide)	$200,000
Revenue	Canada: $500,000 USA (America): $50,000
Salary and Wages	Canada: $300,000 USA: $30,000
Foreign Business Tax Paid to USA	$1,000 (assume, equal to Foreign Business Credit, no need to calculate)
USA Business Net Profit before Income Tax paid to the USA.	$100,000
Canadian Dividend Income	$20,000
Business Loss Carry Forward from 5 years ago	$40,000 (assume apply this year to reduce taxable income to minimum)

Please choose the best and most accurate answer?

		Taxable income is $190,000 And Part I Tax is $30,400
		Taxable income is $140,000 And Part I Tax is $21,400
		Taxable income is $200,000 And Part I Tax is $32,000
		Taxable income is $160,000 And Part I Tax is $25,600