Reference no: EM132751747
Question - Spring limited is a Canadian Conrolled private corporation (CCPC) throughout the year and is associated with Summer Limited. Spring limited and summer limited have agreed to allocate 300,000$ of the annual business limit to spring limited. Net income for tax purposes for its taxation year ended Dec 31, 2019 is $500,000 consisting of the following
Dividends from taxable Canadian corporations $72,000
Canadian active business income $400,000
Foreign non-business income $28,000
(before Witholding tax of 10%)
Spring limited received a foreign tax credit against federal tax payable that is equal to the amount of foreign tax withheld. Spring limited has a non capital loss carry forward of $145,000 which it intends to deduct during 2019.
Required - Determine small business deduction for the year ending Dec 31 2019 (show all calculations including those for nil).
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