Elm Inc. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property income: The Company's 2020 Net Income For Tax Purposes is $458,000. In calculating Taxable Income, the Company deducted a $45,000 net capital loss carry forward.
In calculating Tax Payable, the Company deducted a small business deduction of $23,750 and a foreign non-business tax credit of $4,000. The Tax Payable has been correctly determined to be $71,607.
Determine the refundable amount of Part I tax for the year ending December 31, 2020.

Question

Elm Inc. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property income:  The Company's 2020 Net Income For Tax Purposes is $458,000. In calculating Taxable Income, the Company deducted a $45,000 net capital loss carry forward.
In calculating Tax Payable, the Company deducted a small business deduction of $23,750 and a foreign non-business tax credit of $4,000. The Tax Payable has been correctly determined to be $71,607.
Determine the refundable amount of Part I tax for the year ending December 31, 2020.

Quizplus · Accepted Answer

The Answer of Elm Inc. is a Canadian controlled private corporation. During the taxation year ending December 31, 2020, the Company has the following amounts of property income:  The Company's 2020 Net Income For Tax Purposes is $458,000. In calculating Taxable Income, the Company deducted a $45,000 net capital loss carry forward.
In calculating Tax Payable, the Company deducted a small business deduction of $23,750 and a foreign non-business tax credit of $4,000. The Tax Payable has been correctly determined to be $71,607.
Determine the refundable amount of Part I tax for the year ending December 31, 2020.

Elm Inc Is a Canadian Controlled Private Corporation