Question
Lak Corp. has the following information. Non-Eligible RDTOH balance on January 1, 2020 is $ 10,500 . Company claimed no dividend refund in 2019. Other
Lak Corp. has the following information.
Non-Eligible RDTOH balance on January 1, 2020 is $ 10,500 . Company claimed no dividend refund in 2019.
Other information for the current year ended December 31, 2020 is:
- Taxable income: $ 591,000
- Income eligible for Small Business Deduction: $ 493,000
- Aggregate investment income: $ 130,000
- Part I taxes payable: $ 88,000. None of the income earned is foreign income. Lak Corp. is not subject to IV tax.
What is the non-eligible RDTOH balance at the end of the year 2020?
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
10th edition
978-1-119-3061, 1119306167, 978-1119444367
