Q$3.$ Wood Inc. is a CCPC$.$ It has two subsidiaries. Information related to these subsidiaries is as follows

Wind Ltd$.$

Wood Inc. owns $70\%$ of Wind Ltd$.$ In $2023,$ Wind Ltd$.$ paid non$-$eligible dividends of $$345,000.$ Wind Ltd$.$ received a dividend refund of $$125,000$ as a result of paying these dividends.

Water Inc.

Wood Inc. owns $100\%$ of Water Inc. In $2023,$ Water Inc. paid total dividends of $$260,000.$ No dividend refund was received as a result of paying these dividends

In addition to the dividends received from these subsidiaries, Wood Inc. received $$300,000$ in dividends from various portfolio investments.

Required: Determine the Part IV Tax Payable by Wood Inc. as a result of receiving these dividends. $(4$ points$)$