Reference no: EM132953493
ABC Limited is a Canadian-controlled private corporation operating solely in Ontario. For its taxation year ended December 31, 2020, the company reported the following income under Division B:
Active business income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. $ 85,000
Taxable capital gain (non-active) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,500
Canadian-source interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,000
Taxable portfolio dividends from Canadian-resident public corporations (eligible)..18,750
Income under Division B . . . . . . . . . . . . . . . . . . . . . . . . . . ............. $186,250
The corporation is carrying forward the following amounts:
Non-capital losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............. $ 40,000
Net capital losses (arising in 2015) . . . . . . . . . . . . . . . . . . ............. 52,000
Problem 1: What is the adjusted Aggregate amount to be used in 2021?
A. $82,500
B. $186,250
C. $101,250
D. $85,000
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