Part I And Part IV Refundable Taxes

Warron Inc. is a Canadian controlled private corporation. It has a December 31 year end. The following information relates to its 2017 taxation year.

1. At the end of 2016, the Companys Refundable Dividend Tax On Hand balance was $19,400. The 2016 dividend refund was $7,100.

2. Warron Inc. paid taxable dividends of $53,250 during the year.

3. Warron Inc. owns 35 percent of the voting shares of Delux Inc., another CCPC with a December 31 year end. During 2017, Delux Inc. paid taxable dividends of $48,600. As a consequence of paying these dividends, Delux Inc. received a dividend refund of $14,400.

4. Warron Inc. is associated with several other corporations. Warron has been allocated $64,000 of the associated groups annual business limit. This amount is significantly less than the Companys active business income for 2017.

5. During 2017, Warron Inc. has Taxable Income of $365,100. Assume that Part I Tax Payable for the year was correctly calculated to be $69,440. These totals do not include any foreign source income and no net capital losses were deducted during the year.

6. Other income that was reported by Warron Inc. consisted of the following amounts:

Capital Gain $71,200

Eligible Dividends From Power Corporation Preferred Shares 19,200

Net Rental Income From Residential Properties 13,200

Required: For the taxation year ending December 31, 2017, determine the Part IV and refundable Part I taxes that will be payable by Warron Inc. In addition, determine the balance in the Refundable Dividend Tax On Hand account at December 31, 2017, and any dividend refund available. Show all of the calculations used to provide the required information, including those for which the result is nil.