Blackwood Inc. is a Canadian controlled private company. It has two subsidiaries. Information related to these subsidiaries is as follows:
Whitewood Ltd. - Blackwood owns 65 percent of Whitewood Ltd. During 2020, Whitewood paid total dividends of $100,000. Whitewood received a dividend refund of $20,000 as a result of paying these dividends.
Redwood Inc. - Blackwood owns 100 percent of Redwood Inc. During 2020, Redwood paid total dividends of $72,000. No dividend refund was received as a result of paying these dividends
In addition to the dividends received from subsidiaries, Blackwood received $35,000 in dividends from various portfolio investments. Determine the amount of Part IV Tax Payable by Blackwood Inc. as a result of receiving these dividends.

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The Answer of Blackwood Inc. is a Canadian controlled private company. It has two subsidiaries. Information related to these subsidiaries is as follows:
Whitewood Ltd. - Blackwood owns 65 percent of Whitewood Ltd. During 2020, Whitewood paid total dividends of $100,000. Whitewood received a dividend refund of $20,000 as a result of paying these dividends.
Redwood Inc. - Blackwood owns 100 percent of Redwood Inc. During 2020, Redwood paid total dividends of $72,000. No dividend refund was received as a result of paying these dividends
In addition to the dividends received from subsidiaries, Blackwood received $35,000 in dividends from various portfolio investments. Determine the amount of Part IV Tax Payable by Blackwood Inc. as a result of receiving these dividends.