Show your solution. 1. Which of the following Division C deductions is available to both corporations and individuals? A. Lifetime capital gains deduction. B. Charitable donations. C. Dividends. D. Losses of other years. 2. During the current year, Loner Ltd. has a business loss of $250,000, net taxable capital gains of $45,000, an Allowable Business Investment Loss of $15,000, and receives dividends from taxable Canadian corporations in the amount of $35,000. What is the amount of the non-capital loss for the year? A. $185,000. B. $220,000. C. $250,000. D. $265,000. 3. With respect to the determination of Tax Payable for a corporation, which of the following statements is correct? A. Provincial tax is calculated as a percentage of federal Tax Payable. B. The general rate reduction percentage is applied to full rate taxable income. C. The basic federal tax rate is equal to 28 percent of Taxable Income. D. The federal tax abatement is always equal to 10 percent of Taxable Income