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Determine the January transitional amounts

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Question - Ferick Inc. is a CCPC that uses December 31 as its taxation year end. On December 31, 2018, the corporation had an RDTOH balance of $191,666. Its dividend refund for 2018 was $38,333. Determine the January 1, 2019 transitional amounts for the Eligible RDTOH and the Non-Eligible RDTOH based on the information in each of the following independent cases.

Case 1 On December 31, 2018, Ferick has no GRIP balance.

Case 2 On December 31, 2018, Ferick has a GRIP balance of $200,000. During 2018, the corporation designated $150,000 of dividends paid as eligible.

Case 3 On December 31, 2018, Ferick has a GRIP balance of $650,000. During 2018, the corporation designated $200,000 of dividends paid as eligible.

Reference no: EM132614445

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