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Compute the refundable part i tax for x ltd for the year

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Reference no: EM132953488

X Ltd is CCPC has the following tax attributes for the taxation year 2020.

Aggregate Investment Income $123,500

Active Business income 500,000

Taxable Income 623,500

Part I tax 122,753

Portfolio Dividend received - 85,000

The aggregate investment income and its components for last year are the same as the aggregate investment income and its components for the current year.

Problem 1: Compute the refundable part I tax for X Ltd for the year 2020.

A. $37,873

B. $191,207

C. $85,000

D. $122,753

Reference no: EM132953488

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