1. Opus Limited is a Canadian controlled private corporation. During 2019, the company received the following dividends:

Dividends on Portfolio Investments $ 35,000

Dividends from Magnum Inc. [(80%)($55,000)] 55,000

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

Opus owns 80% 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. (2 marks)

a. $29,417.

b. $32,417.

c. $38,417.

d. $49,833