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What is the amount of the company grip at the end

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Reference no: EM132952331

At the end of 2019, Gomez Inc., a CCPC, has a GRIP of $53,400. For 2020, the Company has Taxable Income of $143,000. This includes aggregate investment income of $19,000.

  • In addition, the Company receives eligible dividends of $12,300. In calculating 2020 Tax Payable, the Company has a small business deduction of $16,150. During 2019, the company paid dividends of $42,000 with $13,700 of the dividends designated as eligible.

Problem 1: Dividends paid during 2020 total $51,000, with $18,400 of this amount being designated as eligible. What is the amount of the Company's GRIP at the end of the 2020 taxation year?

Option 1: $80,080

Option 2: $75,380

Option 3: $67,780

Option 4: $93,780

Reference no: EM132952331

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