Question
Setauket Tech Inc. is a CCPC with 2023 SRED current expenditures of $438,000. The company has had no taxable income for the current taxation year
Setauket Tech Inc. is a CCPC with 2023 SRED current expenditures of $438,000. The company has had no taxable income for the current taxation year or any of the three preceding taxation years. The company had taxable capital employed in Canada(TCEC) of $8,250,000 for 2022.
Determine the total investment tax credit for the year and the refundable portion.
A.Total investment taxcredit: $65,700; refundableportion: $26,280
B. Total investment taxcredit: $65,700; refundableportion: $65,700
C. Total investment taxcredit: $153,300; refundableportion: $61,320
D. Total investment taxcredit: $153,300; refundableportion: $ 153,300
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Accounting Principles Managerial Concepts
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
7th Canadian Edition
1119310296, 978-1119310297
