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Jakarta Inc. is a Canadian controlled private corporate. It uses a taxation year which ends on December 31. At the end of the 2021

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Jakarta Inc. is a Canadian controlled private corporate. It uses a taxation year which ends on December 31. At the end of the 2021 taxation year, the Company had the following balances: Non-Eligible Refundable Dividend Tax On Hand (NERDTOH) Eligible Refundable Dividend Tax on Hand (ERDTOH) $16,440 $5,200 The dividend refund for 2021 was $7,100 (received in 2022) and resulted from payment of an eligible dividend to shareholders in 2021. On December 31, 2021, Jakarta had a balance of $13,000 in its GRIP. During the taxation year ending December 31, 2022, Jakarta had Net Income for Tax Purposes as follows: Active Business Income Dividends From Canadian Corporations: $ 657,600 Non-eligible dividends Subsidiary -70% owned (Note 1) 35,200 Eligible dividends on portfolio investments 13,200 Canadian Source Interest 7,800 12,000 28,800 $ 754,600 Rental income Taxable Capital Gains Net Income For Tax Purposes Note 1: As a result of paying dividends, the subsidiary received a total dividend refund of $19,276. The company also has net capital losses of $32,000 available for carry-forward. Jakarta is associated with one other company. The annual business limit for the small business deduction is shared 80% by Jakarta and 20% by the associated company. Jakarta Inc. paid taxable dividends of $280,500 during the year. It is the policy of the corporation to maximize the amount of dividends designated as eligible. The company also has net capital losses of $32,000 available for carry-forward. Jakarta is associated with one other company. The annual business limit for the small business deduction is shared 80% by Jakarta and 20% by the associated company. Jakarta Inc. paid taxable dividends of $280,500 during the year. It is the policy of the corporation to maximize the amount of dividends designated as eligible. For 2021, Jakarta and its associated company had combined Adjusted Aggregate Investment Income of $37,400. Their Taxable Capital Employed In Canada totalled $2,750,000 for 2021. Required: A. Determine Jakarta's Part I Tax Payable for 2022 includiing the additional refundable tax on investment income. (16 marks) B. Determine Jakarta's Part IV Tax Payable for 2022. (2 marks) C. Determine Jakarta's GRIP balance at December 31, 2022. (5 marks) D. Determine the December 31, 2022 balances in Jakarta's Eligible RDTOH and its Non-Eligible RDTOH. (7 marks) E. Determine Jakarta's 2022 dividend refund (to be received in 2023), providing separate amounts for refunds on eligible dividends and refunds on non-eligible dividends. (5 marks)

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