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Tax Software Assignment Problem Fourteen - 1 (Updated For 2013) Tax Software Assignment Problem Fourteen - 1 (Updated For 2013) RadionFaux Industries Ltd. (RIL) is a Canadian controlled private corporation, located at 123 ABC Street in Ottawa, Ontario K4E 1A1. Its Ontario Corporation tax account number is 1234567. Its phone number is (613) 111-1111. It was incorporated on February 24, 1990 in Ottawa. The government's Crown Copyright no longer permits us to use fake Business Numbers in software problems. To reduce the number of ProFile's error messages because of this, enter NR (for not registered) in the Business Number field. The Company has 1,000 shares of common stock issued and outstanding , all of which are held by Margaret Ottawa (SIN 527-000-301). Ms. Ottawa, the president and director of the Company, is the person who should be contacted with respect to matters concerning the Company 's books and records. She is the authorized person as well as the signing officer. RIL is a retailer of pet supplies. All of its sales occur within Canada. It has net assets of $235,000 on December 31, 2013. RIL also holds some of the investments that Ms. Ottawa inherited from a substantial estate two years earlier. It owns all of the 500 common shares of OttawaFaux Inc., which holds most of Ms. Ottawa's inherited investments. The common shares have a book value of $1,200,000. OttawaFaux Inc. has the same location and phone number as RadionFaux Industries Ltd. OttawaFaux Inc. has a December 31 fiscal year end. Enter NR (for not registered) in the Business Number field for OttawaFaux Inc. OttawaFaux Inc. is also involved in earning active business income through the breeding and sale of championship dogs. It has total assets of $2,000,000 and total revenues for 2013 of $200,000. Its Taxable Capital Employed In Canada as at December 31, 2012 was $350,000. As at December 31, 2012, the following information applied to RIL: Taxable Capital Employed In Canada RDTOH Dividends Declared And Paid During 2012 GRIP Balance Capital Dividend Account Balance $4,620,000 5,200 Nil 11,750 6,000 RIL does not use International Financial Reporting Standards (IFRS). For the taxation year ending December 31, 2013, RIL's Income Statement, before any deduction for income taxes, was as follows: Sales Revenues $580,000 Interest On Long-Term Debt 27,500 Interest Received On Foreign Bank Account (Note 1) 18,000 Eligible Dividends On Royal Bank Shares 17,500 Non-Eligible Dividends From OttawaFaux Inc. (Note 2) 42,000 Gain On Sale Of Shares (Note 3) 27,000 Total Revenues $712,000 Cost Of Goods Sold Amortization Expense Other Operating Expenses $208,000 122,000 147,000 Total Expenses (Excluding Taxes) $477,000 Net Income (Before Taxes) $235,000 Copyright 2014, Clarence Byrd Inc. Page 1 Tax Software Assignment Problem Fourteen - 1 (Updated For 2013) Note 1 This interest is net of $2,000 in taxes withheld in Ireland. Note 2 As a result of paying this $42,000 in dividends to RIL, OttawaFaux Inc. received a dividend refund of $14,000. Note 3 On March 23, 2013, RIL sold 2,700 shares of Canadian Imperial Bank of Commerce. The common shares had cost $118,800 on June 6, 2010 and were sold for net proceeds of $145,800. Other Information: 1. Expenses include a deduction for charitable donations to the Ottawa Civic Hospital in the amount of $5,000. 2. RIL's Expenses include penalties of $3,500 resulting from a judgment in the Tax Court Of Canada. 3. RIL reimbursed Ms. Ottawa $34,000 for business meals and entertainment for clients and suppliers during the year. 4. During the year, RIL incurred $20,000 in landscaping costs. For accounting purposes these are being treated as a capital asset, to be amortized using the straight-line method over 10 years. The related amortization is included in the Amortization Expense shown on the Income Statement. 5. The opening UCC balances were $246,000 for Class 1, $135,000 for Class 8 and $90,000 for Class 10. The only fixed asset disposition during the year was the sale of a delivery truck. The truck had cost $35,000 and was sold for its net book value of $12,000. The only fixed asset acquisition was $52,000 in office furniture. 6. During 2013, RIL paid taxable dividends of $92,000. Of these dividends, $25,000 was designated as eligible. On September 1, 2013, RIL also elects to pay the maximum capital dividend allowable. 7. RIL allocates $60,000 of the annual business limit to OttawaFaux Inc. This is $5,000 more than OttawaFaux Inc. can utilize in 2013, but RIL cannot use the excess. 8. RIL paid no income tax instalments during 2013. Required: Prepare the federal corporate tax return for RIL for the 2013 taxation year using the ProFile T2 corporate software program. On the ProFile schedule titled \"Info\