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Corporation ABC, a public company, provides you with the following information for this year. Taxable Income $200,000 Revenue Canada: 90% USA (America): 10% Salary and

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

Taxable Income $200,000
Revenue

Canada: 90%

USA (America): 10%

Salary and Wages

Canada: 80%

USA: 20%

Foreign Business Tax Paid to USA $1,000
USA Business Net Profit before Income Tax paid to the USA. $100,000
Candian Dividend Income $20,000
Business Loss Carry Forward from 5 years ago. $40,000

The Abatement for Part I Tax is $17,200

True

False

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