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Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May 31, 2022: 1. Net income for tax purposes is $212,000. Included in this amount is the following: 2. PQ Ltd. is a Canadian-controlled private corporation. Cinder owns 60% of its common voting shares. In 2022, PQ claimed the small business deduction on $320,000 of its active business income. PQ paid a non-eligible dividend of $10,000, of which Cinder's share is $6,000(60%). As a result of the dividend, PQ received a dividend refund of $1,000 from its non-eligible RDTOH. 3. Cinder made contributions of $4,000 to registered charities. This amount has been correctly adjusted for in computing net income for tax purposes. 4. The following information is from the 2021 Tax return of Cinder: 5. On May 31, 2022, Cinder paid taxable dividends of $20,000 (eligible $10,000 and non-eligible $10,000 ) to its shareholders. Determine Cinder's federal income tax for the 2022 taxation year. (Use 0.3067 when multiplying to represent 302/3%. and 0.3833 when multiplying to represent 381/3%. Do not multiply by more than 4 decimal places and round your final answer to the nearest dollar. Enter subtractions as negative amounts.) Aggregate investment income Part I tax Basic federal tax 38% of taxable income Abatement - 10% of taxable income $ Small business deduction 19% least of (i) Active business income (ii) Taxable income (iii) Business limit Refundable tax on investment income 102/3% times the least of: Aggregate investment income Taxable income - income subject to SBD General tax reduction 13% of Taxable income Less: Aggregate investment income Less: Income subject to SBD PART I TAX $ Part IV Tax 381/3%x % x \begin{tabular}{l} $0 \\ \hline \end{tabular} Non-eligible RDTOH Balance at end of previous year Less: Dividend refund for preceding year Add: Part IV tax on non-eligible dividends Add: Refundable Part I tax - least of: (i) 302/3% Aggregate investment income (ii) 302/3% (Taxable income - income subject to SBD) (iii) Eligible RDTOH $0 Balance at end of previous year Dividend refund for preceding year Add: Part IV tax on eligible dividends \begin{tabular}{ll} \hline$ & 0 \\ \hline \hline \end{tabular} Dividend Refund (i) Lessor of: (a) 38 (b) Plus (ii) Lessor of: (a) Non-eligible RDTOH balance (b) 381/3% non-eligible dividends paid \begin{tabular}{l} \hline$ \\ \hline \hline \end{tabular} Federal income tax payable \begin{tabular}{c} \hline 0 \\ \hline \hline \end{tabular} Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May 31, 2022: 1. Net income for tax purposes is $212,000. Included in this amount is the following: 2. PQ Ltd. is a Canadian-controlled private corporation. Cinder owns 60% of its common voting shares. In 2022, PQ claimed the small business deduction on $320,000 of its active business income. PQ paid a non-eligible dividend of $10,000, of which Cinder's share is $6,000(60%). As a result of the dividend, PQ received a dividend refund of $1,000 from its non-eligible RDTOH. 3. Cinder made contributions of $4,000 to registered charities. This amount has been correctly adjusted for in computing net income for tax purposes. 4. The following information is from the 2021 Tax return of Cinder: 5. On May 31, 2022, Cinder paid taxable dividends of $20,000 (eligible $10,000 and non-eligible $10,000 ) to its shareholders. Determine Cinder's federal income tax for the 2022 taxation year. (Use 0.3067 when multiplying to represent 302/3%. and 0.3833 when multiplying to represent 381/3%. Do not multiply by more than 4 decimal places and round your final answer to the nearest dollar. Enter subtractions as negative amounts.) Aggregate investment income Part I tax Basic federal tax 38% of taxable income Abatement - 10% of taxable income $ Small business deduction 19% least of (i) Active business income (ii) Taxable income (iii) Business limit Refundable tax on investment income 102/3% times the least of: Aggregate investment income Taxable income - income subject to SBD General tax reduction 13% of Taxable income Less: Aggregate investment income Less: Income subject to SBD PART I TAX $ Part IV Tax 381/3%x % x \begin{tabular}{l} $0 \\ \hline \end{tabular} Non-eligible RDTOH Balance at end of previous year Less: Dividend refund for preceding year Add: Part IV tax on non-eligible dividends Add: Refundable Part I tax - least of: (i) 302/3% Aggregate investment income (ii) 302/3% (Taxable income - income subject to SBD) (iii) Eligible RDTOH $0 Balance at end of previous year Dividend refund for preceding year Add: Part IV tax on eligible dividends \begin{tabular}{ll} \hline$ & 0 \\ \hline \hline \end{tabular} Dividend Refund (i) Lessor of: (a) 38 (b) Plus (ii) Lessor of: (a) Non-eligible RDTOH balance (b) 381/3% non-eligible dividends paid \begin{tabular}{l} \hline$ \\ \hline \hline \end{tabular} Federal income tax payable \begin{tabular}{c} \hline 0 \\ \hline \hline \end{tabular}