Elaine Ltd. is a Canadian-controlled private corporation. Its refundable dividend tax on hand (RDTOH) account at December 31, 2017 was $35,000. For its 2018 taxation year, its refundable portion of Part I tax was $29,000. The corporation received no dividends in 2018. It paid taxable dividends of $60,000 in 2017 and $75,000 in 2018.

The balance in Elaine Ltd.'s (RDTOH) account at December 31, 2018, rounded to the nearest thousand dollars is:

Question 8 options:

1)

$38,000

2)

$41,000

3)

$44,000

4)

$23,000