Hello, please help with my corporate tax cantax assignment
ACC 642 CANTAX CANTAX T2 PROBLEM NO.2 (REVISED) Due Date Per Professor Bradford Corp (insert your full name). is a manufacturer and distributor of computers. It is a CCPC and for the year ended December 31, Current Year (2019), its Accounting financial statements showed net income of $400,000, after a tax provision of $100,000. Bradford own 55% of Sharp Inc., which makes computer parts. Included in the current year income are: Depreciation expense 50,000 Donations to registered charities 30,000 (Non-Eligible)Accounting gain from the sale of shares in a Canadian company. Bought in 2009 for $30.000 and sold in the 2019 for $90,000. 60,000 Loss on sale of an automobile. Class 10.1 (4,000) (NBV-$12,000; Proceeds-$8,000) Meals/Entertainment expenses 18,000 Non-Eligible Taxable dividends-from taxable Canadian corporations 35,000 Non-Eligible Taxable dividends from Sharp Inc., a Canadian Corp. 11,000 Other information: . UCC balances at Dec 31, last year Class 3 $150,000 8 45,000 10.1 (auto) 13,000 Sharps Inc. reported taxable income of $70,000, all of which is ABI, for the year ended December 31, 2019. Bradford wants to ensure that Sharps Inc., pays the least amount of tax possible; Sharps Inc. had non-eligible refundable dividend tax on hand of December 31, last year, of $50,000 and paid out (Non- Eligible) $20.000 in cash dividend in 2019 Bradford has Business Loss Carry forward from the year 2017 of $10,000. Bradford has a Non- Eligible RDTOH of $25,000 at December 31, last year, and paid Non-Eligible $70.000 in cash dividend in 2019. Eligible RDTOH Opening Balance was Zero. REQUIRED: Prepare Bradford's 2019 tax return, minimizing federal tax payable, using CANTAX software. Please print the following Schedules only: 1. Tax summary (this will be cover page) 2. T2.S1 - Reconciliation of taxable income NOTE: Please add your name to the corporation name i.e.: Bradford Corp., (Student Name)