E G H 2 Problem 1: Chapter 12 3 4 Instructions: 5 6 Spendiferous Inc.'s taxable income for the 2020 tax year is $1500000. All of this income is Canadian active business income. Since all of the permanent establishments are in Canada, the abatement will be equal to a full 10%. 7 Splendiferous Inc. is a Canadian controlled private corporation (CCPC). 9 10 Splendiferous is associated with several other companies. The amount of the business limit allocated to Splendiferous 11 is $290000. The combined Taxable Capital Employed in Canada for Splendiferous and all associated companies is 12 $13200000 for 2020. For 2019, the TCEC is $12500000. 13 14 There was no Adjusted Aggregate Investment income for 2019 or 2020. 16 17 Objective: Calculate Splendiferous's federal Part I Tax Payable for the year ending December 31, 2020. 18 19 20 Use the "P1- Response" tab to make your adjustments. Enter all your final adjustments in the yellow boxes beside 21 each line item. Show any notes/ extra work done for each line item in the green section of the "P1-Response" tab. Name Entry Total marks P1- Instructions P1- Response P2- Instructions P2- Response +