this is a tax problem please help
Fancom Inc. is an Alberta corporation trat qualities as a Canadian controlled private company For the taxation year ending December 31, 2020, the components of its Net Income For Tax Purposes and Taxable income are as follows Active Business Income (Note 1) $ 328.000 Gross Foreign Business Income (Note 21 40.800 Gross Foreign Non Business Income Note 2) 31,200 Interest On Long Term Investments 49.900 Taxable Capital Gains (Note 3) 16,500 Eligible Dividends Received On Portfolio Investment 21.000 Net Income For Tax Purposes $ 487,400 Eligible Dividends Received 1 21.000) Charitable Contributions 1 86,4001 Net Capital Loss Carry Forward Deducted 13,9001 Non-Capital Loss Carry Forward Deducted 263,000) Taxable income $ 103,100 Note 1 As determined by the Income Tax Regulations $152.000 of this active business income was manufacturing and processing profits. As these amounts are allocated to a province that has a special rate for M&P profits, the company calculates the federal M&P deduction Note 2 Foreign jurisdictions withheld $6.120 (15 percent) from the foreign business income and 57800 (25 percent) from the foreign non-business income Note 3 The $6.500 is one half of a capital gain of $33,000. The gain resulted from a disposition of passive investments Other Information: 1. During the year ending December 31, 2020, Fancom used its existing cash resources to pay taxable dividends of $223,200. Of this total $49.300 were designated as eligible 2. On January 1, 2020, Fan.com had the following balances: Eligble RDTOH $14,000 Non Elipblo RDTOH Nil GRIP 549,360 During 2019, Fancom designated $8,700 of its dividends as eligible 3. For 2019, Fancom's ADJUSTED Aggregate Investment Income was $36,450. Its Tablo Capital Employed in Canada was $4.652,300 for 2019 4. As determined by the Income Tax Regulations, 85 percent of Fancom's Taxable income can be allocated to a Canadian province 5. Assume that the foreign business and non-business tax credits are equal to the foreign taxes withheld Required: Show all of the calculations used to provide the following required information including those for which the result is nil A. Determine Fancom's Part I Tax Payable for the year ending December 31, 2020. B. Determine the refundable portion of Fancom's Part 1 Tax Payable for 2020 C. Determina Fancom's Part In Tax Payable for the 2020. D. Determine the December 31, 2020, balance in Fancom's GRIP E Determine the December 31, 2020, balances in Fancom's Eligble RDTOH and Non-Eigible RDTOH F Determine Fancom's dividend refund for 2020. separately identifying the refund related to eligible dividends and the refund related to non-eligible dividends Fancom Inc. is an Alberta corporation that qualities as a Canadian controlled private company For the taxation year ending December 31, 2020, the components of its Not Income For Tax Purposes and Taxable income are as follows: Active Business Income (Note 1) $ 328.000 Gross Foreign Business Income (Note 21 40.800 Gross Foreign Non-Business Income Note 2) 31,200 Interest On Long Term Investments 49.900 Taxable Capital Gains (Note 31 16,500 Eligible Dividends Received On Portfolio Investment 21.000 Net Income For Tax Purposes $ 487,400 Eligible Dividends Received 21.000) Charitable Contributions 86,4001 Net Capital Loss Carry Forward Deducted 13.900) Non-Capital Loss Carry Forward Deducted (263.000 Taxable income $ 103, 100 Note 1 As determined by the Income Tax Regulations. $152.000 of this active business income was manufacturing and processing profits. As these amounts are allocated to a province that has a special rate for M&P profits, the company calculates the federal M&P deduction Note 2 Foreign jurisdictions withheld $6.120 (15 percent) from the foreign business income and $7.800 125 percentfrom the foreign non-business income. Note 3 The $6.500 is one hait of a capital gain of $33,000. The gain resulted from a disposition of passive investments Other Information: 1. During the year ending December 31, 2020, Fancom used its existing cash resources to pay taxable dividends of $223,200 of this total $49,300 were designated as eligible 2. On January 1, 2020, Fancom had the following balances: Eligble RDTOH $14,000 Non Eligible RDTOH NI GRIP $49,360 During 2019, Fancom designated $8,700 of its dividends as eligible. 3 For 2019, Fancom's ADJUSTED Aggregate Investment Income was $36,450 Its Tacable Capital Employed in Canada was $4.652,300 for 2019 4. As determined by the Income Tax Regulations, 85 percent of Fancom's Taxable income can be allocated to a Canadian province. 6. Assume that the foreign business and non-business tax credits are equal to the foreign taxes withheld Required: Show all of the calculations used to provide the following required information including those for which the result is nil A. Determine Fancom's Part I Tax Payable for the year ending December 31, 2020 B. Determine the returdable portion of Fancom's Part | Tax Payable for 2020 C. Determine Fancom's Part I Tax Payable for the 2020 D. Determine the December 31, 2020. balance in Fancom's GRIP E Determine the December 31, 2020, balances in Fancom's Eligible RDTOH and Non-Eligible RDTOH F Determine Fancom's dividend refund for 2020. separately identifying the refund related to eligible dividends and the refund related to non eligible dividends. Fancom Inc. is an Alberta corporation trat qualities as a Canadian controlled private company For the taxation year ending December 31, 2020, the components of its Net Income For Tax Purposes and Taxable income are as follows Active Business Income (Note 1) $ 328.000 Gross Foreign Business Income (Note 21 40.800 Gross Foreign Non Business Income Note 2) 31,200 Interest On Long Term Investments 49.900 Taxable Capital Gains (Note 3) 16,500 Eligible Dividends Received On Portfolio Investment 21.000 Net Income For Tax Purposes $ 487,400 Eligible Dividends Received 1 21.000) Charitable Contributions 1 86,4001 Net Capital Loss Carry Forward Deducted 13,9001 Non-Capital Loss Carry Forward Deducted 263,000) Taxable income $ 103,100 Note 1 As determined by the Income Tax Regulations $152.000 of this active business income was manufacturing and processing profits. As these amounts are allocated to a province that has a special rate for M&P profits, the company calculates the federal M&P deduction Note 2 Foreign jurisdictions withheld $6.120 (15 percent) from the foreign business income and 57800 (25 percent) from the foreign non-business income Note 3 The $6.500 is one half of a capital gain of $33,000. The gain resulted from a disposition of passive investments Other Information: 1. During the year ending December 31, 2020, Fancom used its existing cash resources to pay taxable dividends of $223,200. Of this total $49.300 were designated as eligible 2. On January 1, 2020, Fan.com had the following balances: Eligble RDTOH $14,000 Non Elipblo RDTOH Nil GRIP 549,360 During 2019, Fancom designated $8,700 of its dividends as eligible 3. For 2019, Fancom's ADJUSTED Aggregate Investment Income was $36,450. Its Tablo Capital Employed in Canada was $4.652,300 for 2019 4. As determined by the Income Tax Regulations, 85 percent of Fancom's Taxable income can be allocated to a Canadian province 5. Assume that the foreign business and non-business tax credits are equal to the foreign taxes withheld Required: Show all of the calculations used to provide the following required information including those for which the result is nil A. Determine Fancom's Part I Tax Payable for the year ending December 31, 2020. B. Determine the refundable portion of Fancom's Part 1 Tax Payable for 2020 C. Determina Fancom's Part In Tax Payable for the 2020. D. Determine the December 31, 2020, balance in Fancom's GRIP E Determine the December 31, 2020, balances in Fancom's Eligble RDTOH and Non-Eigible RDTOH F Determine Fancom's dividend refund for 2020. separately identifying the refund related to eligible dividends and the refund related to non-eligible dividends Fancom Inc. is an Alberta corporation that qualities as a Canadian controlled private company For the taxation year ending December 31, 2020, the components of its Not Income For Tax Purposes and Taxable income are as follows: Active Business Income (Note 1) $ 328.000 Gross Foreign Business Income (Note 21 40.800 Gross Foreign Non-Business Income Note 2) 31,200 Interest On Long Term Investments 49.900 Taxable Capital Gains (Note 31 16,500 Eligible Dividends Received On Portfolio Investment 21.000 Net Income For Tax Purposes $ 487,400 Eligible Dividends Received 21.000) Charitable Contributions 86,4001 Net Capital Loss Carry Forward Deducted 13.900) Non-Capital Loss Carry Forward Deducted (263.000 Taxable income $ 103, 100 Note 1 As determined by the Income Tax Regulations. $152.000 of this active business income was manufacturing and processing profits. As these amounts are allocated to a province that has a special rate for M&P profits, the company calculates the federal M&P deduction Note 2 Foreign jurisdictions withheld $6.120 (15 percent) from the foreign business income and $7.800 125 percentfrom the foreign non-business income. Note 3 The $6.500 is one hait of a capital gain of $33,000. The gain resulted from a disposition of passive investments Other Information: 1. During the year ending December 31, 2020, Fancom used its existing cash resources to pay taxable dividends of $223,200 of this total $49,300 were designated as eligible 2. On January 1, 2020, Fancom had the following balances: Eligble RDTOH $14,000 Non Eligible RDTOH NI GRIP $49,360 During 2019, Fancom designated $8,700 of its dividends as eligible. 3 For 2019, Fancom's ADJUSTED Aggregate Investment Income was $36,450 Its Tacable Capital Employed in Canada was $4.652,300 for 2019 4. As determined by the Income Tax Regulations, 85 percent of Fancom's Taxable income can be allocated to a Canadian province. 6. Assume that the foreign business and non-business tax credits are equal to the foreign taxes withheld Required: Show all of the calculations used to provide the following required information including those for which the result is nil A. Determine Fancom's Part I Tax Payable for the year ending December 31, 2020 B. Determine the returdable portion of Fancom's Part | Tax Payable for 2020 C. Determine Fancom's Part I Tax Payable for the 2020 D. Determine the December 31, 2020. balance in Fancom's GRIP E Determine the December 31, 2020, balances in Fancom's Eligible RDTOH and Non-Eligible RDTOH F Determine Fancom's dividend refund for 2020. separately identifying the refund related to eligible dividends and the refund related to non eligible dividends
