With respect to the determination of Tax Payable for a corporation, which of the following statements is not correct?
A) The federal tax abatement percentage is reduced when less than 100 percent of the corporation's income is allocated to a province.
B) The basic tax rate applicable to corporations is 38 percent.
C) Provincial corporate taxes are based on a flat rate applied to a taxable income figure.
D) Full rate taxable income includes any income that is not eligible for the small business
Deduction.
Small Business Deduction
Correct Answer:
Verified
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