UIL has a 60% owned subsidiary UXL. In 2019 UXL was allocated $375,000 of the annual business limit and paid a dividend that produced a $50,000 Part IV refund.

In 2019 UIL paid a dividend of $54,780 and received a $21,000 Part IV refund and had a remaining RDTOH balance of $30,000. During 2020 the results from operations are as follows:

Active business income $ 250,000

Interest income $ 10,000

Dividends $ 30,000

Capital gains $ 40,000

Required:

Calculate:

• Part I Tax
• Part IV Tax
• Refundable Dividend Tax on Hand RDTOH Balance

Dividend required to empty the Refundable Dividend Tax on Hand (RDTOH) pool