Opus Limited is a Canadian controlled private corporation. During 2017, the company received the following dividends:

Dividends on Portfolio Investments $ 35,000

Dividends from Magnum Inc. [(100%)($55,000)] 55,000

Dividends from Masterpiece Ltd. [(40%)($100,000)] 40,000

Opus owns 100% of the shares of Magnum Inc. and 40% of the shares of Masterpiece Ltd. Masterpiece received a dividend refund of $10,000 on its dividend payment, while Magnum received a dividend refund of $15,000. Determine the amount of Part IV Tax payable by Opus Limited for the current year.

Select one:

a.

$49,833.

b. $32,417.

c.

$29,417.

d.

$38,417.