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In 2021, Landscaping Limited incurred $200,000 of qualified scientific research and experimental development expenditures eligible for the 15% investment tax credit. The corporations federal income

In 2021, Landscaping Limited incurred $200,000 of qualified scientific research and experimental development expenditures eligible for the 15% investment tax credit. The corporations federal income tax rate after the abatement and the general rate reduction is 15%. Its taxable income before the deduction of the SR&ED expenditures under section 37 is $300,000.

The corporation is not eligible for any other tax credits and paid no tax in the preceding three years.

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(1) What is the maximum investment tax credit available?

(2) Compute the net federal Part I tax payable after the investment tax credit.

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