Answered step by step
Verified Expert Solution
Question
1 Approved Answer
StarForce Ltd. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property
StarForce Ltd. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property income: Net Rental Income $ 17,600.00 Capital Gains 91500 Dividends From Portfolio Investments 41300 Interest On Long-Term Investments 17,450 Foreign Non-Business Income - Net Of 8 Percent Withholding 18,400 The Company's 2020 Net Income For Tax Purposes is $232,350. The Company has available a net capital loss carry forward of $24,000 [(1/2)($48,000)], which is deducted from Taxable Income. A $14,250 small business deduction and a foreign non-business tax credit of $1,600 served to reduce Tax Payable. Assume that the Company's Part I Tax Payable has been correctly determined to be $37,133. Determine the refundable amount of Part I tax for the year ending December 31, 2020.
Step by Step Solution
★★★★★
3.41 Rating (148 Votes )
There are 3 Steps involved in it
Step: 1
Tax reported 37133 Less actual tax 30925 Tax credit 6208 Net rental income 17600 ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started