Question
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:
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
Capital Gains 91,500
Dividends From Portfolio Investments 41,300
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.
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