Question
Investments Ltd. a Canadian controlled private corporation, year ended December 31, 2023 had only aggregate investment income during the year of $48,000, which was also
Investments Ltd. a Canadian controlled private corporation, year ended December 31, 2023 had only aggregate investment income during the year of $48,000, which was also the corporation's taxable income. This income results in federal Part 1 tax payable of $18,560. The corporation paid a taxable ineligible dividend of $39,000 during 2023. The corporation did not have any other income, expenses, or foreign tax credits.
The corporation had nil RDTOH balances carried forward from the previous year. What is the corporation's Eligible RDTOH balance, Ineligible RDTOH balance and dividend refund at December 31,2023?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
9th Canadian Edition, Volume 2
470964731, 978-0470964736, 978-0470161012
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