During 2021, Juventus Ltd, a public corporation, has net income for tax purposes of $800,000, including $200,000 of dividends from taxable Canadian corporations and $600,000 of retailing profits It made $400,000 of charitable donations during the year Income earned in a province was 90 What is Juventus Ltds taxable income for the year A $200,000 B $400,000 C $650,000 D $800,000 E None of the above Which of the following statements is true regarding charitable donations made by a corporation A Deductible under Division C for corporations B Deduction Limited to 75 of the corporations net income for tax purposes under Division B C Carryforward of unused donations avalaible for five years D All of the above E None of the above Which one of the following statements is TRUE A A capital dividend is received tax free B A corporation must elect to pay a capital dividend, not later than the day the dividend is paid C If a private corporation has had more capital gains than capital losses and hasnt paid any capital dividends, it will probably have a balance in its capital dividend account D The payment of a capital dividend by a private corporation will trigger a dividend refund E All of the above F Only A, B, and C are TRUE G None of the above Stefan's Steel Concrete Ltd (SSC) is a Canadian controlled private corporation (CCPC) with a year end of January 31, 2021 Stefan, the owner of SSC, also controls Bryan's Bakery Inc (Bryan's), another CCPC with active business income for the year ended January 31, 2021, of $150,000 Stefan has agreed to allocate a sufficient amount of the small business deduction to Bryan's to ensure that all of its active business income is taxed at the lower rate You may assume that all of SSC's active business income is from Canadian activity Other information about SSC 1 SSC had a taxable capital gain of $4,000 and CCA recapture of $50,000 from the disposition of an active asset 2 Charitable donations were $5,000 3 Net income for tax purposes for the fiscal year was $360,000 What is the appropriate small business deduction for SSC A $58,140 B $66,500 C $67,450 D $67,640 E None of the above

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During 2021, Juventus Ltd, a public corporation, has net income for tax purposes of $800,000, including $200,000 of dividends from taxable Canadian corporations and $600,000

During 2021, Juventus Ltd, a public corporation, has net income for tax purposes of $800,000, including $200,000 of dividends from taxable Canadian corporations and $600,000 of retailing profits. It made $400,000 of charitable donations during the year. Income earned in a province was 90%. What is Juventus Ltds taxable income for the year? A. $200,000 B. $400,000 C. $650,000 D. $800,000 E. None of the above

Which of the following statements is true regarding charitable donations made by a corporation?

	A.	Deductible under Division C for corporations
	B.	Deduction Limited to 75% of the corporations net income for tax purposes under Division B.
	C.	Carryforward of unused donations avalaible for five years.
	D.	All of the above
	E.	None of the above

Which one of the following statements is TRUE?

	A.	A capital dividend is received tax-free.
	B.	A corporation must elect to pay a capital dividend, not later than the day the dividend is paid.
	C.	If a private corporation has had more capital gains than capital losses and hasnt paid any capital dividends, it will probably have a balance in its capital dividend account
	D.	The payment of a capital dividend by a private corporation will trigger a dividend refund.
	E.	All of the above
	F.	Only A, B, and C are TRUE
	G.	None of the above

Stefan's Steel & Concrete Ltd. (SSC) is a Canadian-controlled private corporation (CCPC) with a year-end of January 31, 2021. Stefan, the owner of SSC, also controls Bryan's Bakery Inc. (Bryan's), another CCPC with active business income for the year-ended January 31, 2021, of $150,000. Stefan has agreed to allocate a sufficient amount of the small business deduction to Bryan's to ensure that all of its active business income is taxed at the lower rate.

You may assume that all of SSC's active business income is from Canadian activity.

Other information about SSC:

1. SSC had a taxable capital gain of $4,000 and CCA recapture of $50,000 from the disposition of an "active" asset.

2. Charitable donations were $5,000

3. Net income for tax purposes for the fiscal year was $360,000

What is the appropriate small business deduction for SSC?

A.
$58,140

B.
$66,500

C.
$67,450

D.
$67,640

E.
None of the above