With respect to GRIP and LRIP balances, which of the following statements is NOT correct?
A) A CCPC's GRIP account is reduced by the amount of eligible dividends designated in the preceding taxation year.
B) A CCPC's GRIP account is increased by the amount of eligible dividends received during the current year.
C) A public company's LRIP account is increased by the amount of non-eligible dividends received.
D) A CCPC's GRIP account is increased by 72 percent of the company's Taxable Income.
Correct Answer:
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