Giganto Inc.is a CCPC that is not associated with any other company.As determined by ITR 5200, Giganto Inc.has M&P profits of $575,000, with all of this amount being Cana- dian source active business income.Its total Net Income For Tax Purposes is $625,000, with the additional $50,000 being foreign source business income.The foreign govern- ment withheld 10 percent of this amount which is equal to the foreign business income tax credit.In determining Taxable Income, Giganto deducted a non-capital loss carry for- ward of $75,000.What is Giganto's M&P deduction for the year?

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The Answer of Giganto Inc.is a CCPC that is not associated with any other company.As determined by ITR 5200, Giganto Inc.has M&P profits of $575,000, with all of this amount being Cana- dian source active business income.Its total Net Income For Tax Purposes is $625,000, with the additional $50,000 being foreign source business income.The foreign govern- ment withheld 10 percent of this amount which is equal to the foreign business income tax credit.In determining Taxable Income, Giganto deducted a non-capital loss carry for- ward of $75,000.What is Giganto's M&P deduction for the year?