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The Honeymoon Co. is a Canadian controlled private corporation with active business income of $750,000 in 2020. Dividends were received during 2020 from a taxable
The Honeymoon Co. is a Canadian controlled private corporation with active business income of $750,000 in 2020. Dividends were received during 2020 from a taxable Canadian corporation in the amount of $80,000. The company recognized a $50,000 capital gain during 2020. The company's year-end is December 31st. Additional information is as follows: Net capital loss carry-over from 2019 is $30,000. Non capital loss carry-over from 2019 is $70,000. Required: Calculate the following for the company for the 2020 tax year: A. Net income for tax purposes B. Taxable income C. Part I Federal Tax
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