User Account

All Pages

Determine the amount of Large Store Ltd

Assignment Help Accounting Basics
Reference no: EM133043955

Question - Large Store Ltd. is a Canadian controlled private corporation. Its Net Income For Tax Purposes is $652,000 for the year ending December 31, 2020, all of which is active business income, except for $21,000 in foreign source non-business income. Ten percent of this amount was withheld in the foreign jurisdiction, and the corporation receives a foreign tax credit against federal Tax Payable that is equal to the amount withheld. The corporation's only deduction in the calculation of Taxable Income is for a non-capital loss carry forward of $415,000. The corporation had Taxable Capital Employed In Canada of $12,950,000 for 2019, and $13,100,000 for 2020. It is not associated with any other corporation.

Required - Determine the amount of Large Store Ltd.'s small business deduction for the year ending December 31, 2020.

Reference no: EM133043955

Questions Cloud

Potential advantages of distributed databases : What are the main reasons for potential advantages of distributed databases?
Explain the process of scoring a free throw shot : Explain the process of scoring a free throw shot in basketball in one sentence including all 3 elements
Prepare journal entries to record annual pension expense : This difference is to be amortized over a 5 year period, beginning this year. Prepare journal entries to record annual pension expense for the enterprise fund
What are fifteen sources for a capstone project : What are fifteen sources for a capstone project for workplace diversity concerns?
Determine the amount of Large Store Ltd : Determine the amount of Large Store Ltd.'s small business deduction for the year ending December 31, 2020
Goals and considerations of information security : -Why are information security and privacy important considerations in the design, development, and maintenance of an HRIS?
Levels of a healthcare organization : For this week's discussion, you are the HR director at a large healthcare system. Your education team has asked you to help them develop a leadership
Organization change-theory and practice : Discuss Burke's concept presented in Chapter 4 that "the target for change is the individual not the system."
How is transformational leadership similar : What do you consider the most important difference between transformational leadership and transactional leadership? Between

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare all required journal entries for reveal ltd

Assuming the investment in Adam is classified as Fair Value Through Other Comprehensive Income (FVTOCI), prepare all required journal entries in 2020 and 2021.

  Calculate adjusted cash balance for this checking account

A company's bank statement balance shows that there is $4,190 in the checking account, Calculate the adjusted cash balance for this checking account

  What amount of profit necessary so that maxwell consider

What amount of profit would be necessary so that Maxwell would consider the choices to be equal? Salaries traceable to the other partners are estimated

  Violation of the partnership agreement

How might a partner withdrawing in violation of the partnership agreement and without the consent of the other partners be treated? What about a partner who is forced to withdraw?

  Explain the concept of intellectual property law

Explain the concept of intellectual property law in relation in engineering work. List four of the requirement an accounting system is required to fulfil

  Prepare the liability section of a classified balance sheet

Prepare the liability section of a classified balance sheet and any necessary footnote disclosure for Nevada Harvester at December 31, 2013

  Will the bond proceeds always be greater than the face

maui blends inc. produces and sells organically grown coffee. on july 1 2012 maui blends inc. issued 2800000 of 7-year

  How items classified in the statement of cash flows

An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Gagliano Corp.

  Explain why the bird-in-the-hand explanation

All else being equal, when the capital gains tax rate is less than an investor's personal marginal tax rate would the individual prefer that the firm issue dividends or allow the share price to appreciate? Why?

  Determine the weighted-average contribution margin

Martin, Inc., has two products: a pocket metronome (unit sales price, $25; unit variable cost, $15), Determine the weighted-average contribution margin

  Cite the url and summarize article comprising citing some

find an article about a specific company using a balanced scorecard. cite the url and summarize the article including

  On june 1 royal corp began operating a service company with

on june 1 royal corp. began operating a service company with an initial cash investment by shareholders of 3900000. the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd