Determine the amount of Tax payable by Opus Limited

Assignment Help Accounting Basics
Reference no: EM132572914

Question - Opus Limited is a Canadian controlled private corporation. During 2017, the company received the following dividends:

Dividends on Portfolio Investments $35,000

Dividends from Magnum Inc. [(100%)($55,000)] 55,000

Dividends from Masterpiece Ltd. [(40%)($100,000)] 40,000

Opus owns 100% of the shares of Magnum Inc. and 40% of the shares of Masterpiece Ltd. Masterpiece received a dividend refund of $10,000 on its dividend payment, while Magnum received a dividend refund of $15,000. Determine the amount of Part IV Tax payable by Opus Limited for the current year.

Reference no: EM132572914

Questions Cloud

Is more important to have a strong faith or solid reasoning : Is it more important to have a strong faith or solid reasoning? Give examples of how this impacts the ways a person lives their life?
Having diversity is important in project management : Having diversity is important in project management.
Understanding of photosynthesis enhance practices : In what ways can our understanding of photosynthesis enhance practices in the following areas:
Unit distances between the genes : Sketch a map of the chromosome, showing the map unit distances between the genes.
Determine the amount of Tax payable by Opus Limited : While Magnum received a dividend refund of $15,000. Determine the amount of Part IV Tax payable by Opus Limited for the current year
Record journal entries for business transactions for month : July 2 Received $2800 from accounts receivable. Record Journal entries for the business transactions for the month ended 31 July 2019
What phylum do ferns belong to : In what kind of location did you find each fern plant? What do these locations have in common?
Why does predicted vital capacity vary with gender : Why does predicted vital capacity vary with gender? Can you explain briefly
In what kind of location did you find each moss : In what kind of location did you find each moss? What do these locations have in common?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Define the idea of capital structure and capital component

Define the idea of capital structure and capital components. Why is capital structure important to the cost of capital concept? In many capital structure

  What would be the company roi

BusServ.com Corporation provides business-to-business services on the Internet. What would be the company's ROI

  During the current year the harlow corporation which

during the current year the harlow corporation which specializes in commercial construction has the following property

  What is the average number of units in inventory

What is the average number of units in inventory based upon ordering 250 units each time an order is placed?

  Starsky is an internal auditor and the lead on the companys

starsky is an internal auditor and the lead on the companys fraud risk assessment. in the past he and hutch an accounts

  Determine the amount of cost of goods sold

On January 1, 2001, raw materials inventory included direct materials with a cost of $20,000. Determine the amount of cost of goods sold

  Report - corporate profile project

Using the company's most recent annual report (or Form 10-K) from the company's Investor Relations web page and other credible internet sources

  How should mr wrong have recorded the transaction

How should Mr. Wrong have recorded the transaction? What are the ethical aspects of Mr. Wrong's action?

  Determine the total manufacturing cost

In the text you used accounting data on DuPont's Kevlar product line to determine the total manufacturing cost to produce a pound of Kevlar

  What basis will ABC Corporation have in land

City of Los Angeles donates land to ABC Corporation as an inducement for ABC to locate there. What basis will ABC Corporation have in land

  Intangible asset qualifies for recognition

It is sometimes difficult to assess whether an internally generated intangible asset qualifies for recognition because of problems in:

  Prepare the sales budget for january and february

Hilltop sells its rock climbing shoes worldwide. Prepare the sales budget for January and February. Show all work

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!

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