Use the Income Tax Act to find the following definitions:

$$ Definition of a Canadian Controlled Private Corporation

$$ Definition of Active Business Income

Step $3$: Forum Questions: Post your response to the discussion board $-60\%$

Answer the following questions and post your response to the discussion board:

$1.$ The small business deduction is only available to Canadian Controlled Private Corporations $($CCPCs$).$ With reference to the definition of a CCPC$,$ what are the key differences that distinguish a CCPC from a "public corporation"?

$2.$ Identify sources of income that are generally excluded from Active Business Income. How does Active Business Income affect the calculation of the Small Business Deduction pursuant to ITA $125(1)?$