Problem 12Tecniquip Limited is a public corporation whose head office is located in Toronto, Ontario. Theactivities of the corporation are carried on through permanent establishments in the provinces ofOntario and Alberta.For the year ended December 31, 2019, Tecniquip Limited obtained the following results:Income from distribution operations in OntarioIncome from distribution operations in Alberta.$1,000,0001,040,000$2,040,060Canadian-source interest income (investment)Taxable capital gain.... ..Taxable dividends from taxable Canadian corporationsd97,000Net income under Division BIn computing income from distribution, the corporation claimed a deductionsubsection 37(1) of the Act for SR&ED. No SR&ED expenditures are expected to be made in 2020.During the year, the corporation made charitable donations totalling $50,000 and claimed non-capital losses of $60,000 and the net capital losses carried forward from 2014 of S6,000.$150,000 underYou have been asked to calculate the federal Part I tax payable. Shownot necessary to your final answer.calculations, whether orthisento distribute,t

Problem 12 Income from distribution operations = $2040000 Canadian source interest income from…

Problem 12 Tecniquip Limited is a public corporation whose head office is located in Toronto, Ontario. The activities of the corporation are carried on through permanent establishments in the provinces of Ontario and Alberta. For the year ended December 31, 2019, Tecniquip Limited obtained the following results: Income from distribution operations in Ontario Income from distribution operations in Alberta.. $1,000,000 1,040,000 Canadian-source interest income (investment) Taxable capital gain... . . . Taxable dividends from taxable Canadian corporations Net income under Division B d97,000 In computing income from distribution, the corporation claimed a deduction subsection 37(1) of the Act for SR&ED. No SR&ED expenditures are expected to be made in 2020. During the year, the corporation made charitable donations totalling $60,000 and claimed non- capital losses of $60,000 and the net capital losses carried forward from 2014 of $6,000. $150,000 under You have been asked to calculate the federal Part I tax payable. Shoy all calculations, whether or ento distributee thi SIL

Problem 12 Tecniquip Limited is a public corporation whose head office is located in Toronto, Ontario. The activities of the corporation are carried on through permanent establishments in the provinces of Ontario and Alberta. For the year ended December 31, 2019, Tecniquip Limited obtained the following results: Income from distribution operations in Ontario Income from distribution operations in Alberta.. $1,000,000 1,040,000 Canadian-source interest income (investment) Taxable capital gain... . . . Taxable dividends from taxable Canadian corporations Net income under Division B d97,000 In computing income from distribution, the corporation claimed a deduction subsection 37(1) of the Act for SR&ED. No SR&ED expenditures are expected to be made in 2020. During the year, the corporation made charitable donations totalling $60,000 and claimed non- capital losses of $60,000 and the net capital losses carried forward from 2014 of $6,000. $150,000 under You have been asked to calculate the federal Part I tax payable. Shoy all calculations, whether or ento distributee thi SIL

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 59P

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