For the $2023$ taxation year, Cornish Inc., a CCPC$,$ has net income of $$656,200.$ This is made up of

$$621,400$ of active business income earned in Canada and $$34,800$ of taxable dividends from various

Canadian public companies. It has been determined that $$430,300$ of the active business income qualifies

as M&P profits.

In $2023,$ the company makes charitable donations to registered charities totalling $$50,100.$

At the beginning of $2023,$ the company has a $2021$ non$-$capital loss balance of $$62,800.$ It intends to claim

all of this balance in the $2023$ taxation year.

Cornish Inc. is associated with three CCPCs$.$ The companies have agreed that each will claim one$-$quarter

of the annual business limit$.$ The combined TCEC of the four associated companies is less than $$10$ million

in both the $2022$ and $2023$ taxation years. The combined AAll of the four companies was $$29,000$ in $2022$

and $$59,000$ in $2023.$

Required

Determine the minimum $2023$ taxable income and federal income tax payable for

Cornish Inc. Show all calculations regardless if they are necessary to the final

solution. As the corporation operates in a province that has a reduced tax rate

for M&P activity, a separate calculation of the federal M&P deduction is required.