Question-federal tax payable-jeb corporation limited

Reference no: EM13819048

Problem: Federal Tax Payable - Jeb Corporation Limited

Jeb Corporation Limited (JEB), a Canadian incorporated company, operates a retail chain of computer supplies stores in Canada and abroad. JEB's taxable income for its most recent year end was $862,000. JEB is taxable in three Canadian provinces and in 2 foreign countries on its business income. JEB earns only business income.

JEB is 65% owned by non-Canadian residents. Its gross revenues are 83% earned in Canadian provinces. The % of total salaries and wages paid in Canada are 77%. JEB was not in a taxable position in either of the foreign countries.

Required:

Calculate JEB's Part I Federal tax payable.

Reference no: EM13819048

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