efund for 2019 amount of $23,700 (from non-eligible) le dividend received from Canadian corporations $30,000 le Refundable Dividend Tax on Hand balance at Dec 31, 2019 balance of Investment Income amount of $27,000 igible for small business deduction $105,000 (tax reduction SBD 19,950) able 156 000
efund for 2019 amount of $23,700 (from non-eligible) le dividend received from Canadian corporations $30,000 le Refundable Dividend Tax on Hand balance at Dec 31, 2019 balance of Investment Income amount of $27,000 igible for small business deduction $105,000 (tax reduction SBD 19,950) able 156 000
Chapter17: Corporations: Introduction And Operating Rules
Section: Chapter Questions
Problem 48P
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Question
Transcribed Image Text:Edmonton corp. is Canadian Controlled Private Corp. It has Dec 31 year-end. The following information relates to its 2020 Taxation y
Taxable income amount of $135,000
Non-eligible dividend paid to shareholders during the year of 2020, amount of $40,000;
Dividend refund for 2019 amount of $23,700 (from non-eligible)
Non-eligible dividend received from Canadian corporations $30,000
Non-eligible Refundable Dividend Tax on Hand balance at Dec 31, 2019 balance of $3,920
Aggregate Investment Income amount of $27,000
Amount eligible for small business deduction $105,000 (tax reduction SBD 19,950)
Part I tax payable $56,000
Based on the above, what is the balance of non-eligible Refundable Dividend Tax On Hand (RDTOH) at Dec 31, 20207
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT