Overton Ltd. is a Canadian controlled private corporation. During 2019, the Company

received the following amounts of dividends:

Dividends on Various Portfolio Investments $21,300

Dividends from Saston Inc. [(100%) ($62,300)] 62,300

Dividends from Raston Inc. [(40%) ($90,0 00)] 36,000

Overton Ltd. owns 100 percent of the voting shares of Saston Inc. and 40 percent of the voting shares of Raston Inc. The fair market value of the Raston Inc. shares equals 40 percent of the fair market value of all Raston Inc. shares.

As a result of paying the $90,000 dividend, Raston Inc. received a dividend refund of $25,000. Saston Inc. received no dividend refund for its dividend payment.

Required Determine the amount of Part IV Tax Payable