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Please answer both questions. X Ltd. has net income for tax purposes of $450,000 and taxable income of $420,000. X claimed the small business deduction
Please answer both questions.
X Ltd. has net income for tax purposes of $450,000 and taxable income of $420,000. X claimed the small business deduction on $250,000 of active business income and earned $50,000 of interest income on long-term bonds. Determine X's general tax reduction 15,600 + 5% At the end of the current year, X Ltd. had a RDTOH balance of $18,000. During the year, X paid taxable dividends of $40,000 of which $20,000 were classified as eligible dividends. Determine X's dividend refund for the year. 15,332 +1.05Step by Step Solution
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