Bride and Groom Co.is a Canadian controlled private corporation with active business income of $750,000.The company is in the business of producing and selling bridal wear.Dividends were received from a taxable Canadian corporation in the amount of $80,000.
Additional information is as follows:
Net capital loss carry-over balance is $200,000.
Non capital loss carry-over balance is $70,000.
Required:
Calculate the minimum federal Part I tax payable by Bride and Groom Co.
Correct Answer:
Verified
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