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What is the tax payable by abc ltd for the current year

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Reference no: EM132791795

ABC Ltd, a CCPC, received the following dividends in the current year:

  • $90,000 from its subsidiary XYZ incorporated. These dividends paid by XYZ resulted in XYZ receiving a $12,000 dividend refund. ABC owns 75% of the voting shares of XYZ.
  • $10,000 from DEF Ltd. These dividend paid by DEF resulted in DEF receiving $1,500 dividend refund. ABC owns 5% of the voting shares of DEF.
  • $1,000 from IJK corporation. These dividend paid by IJK resulted in IJK receiving a dividend refund of $0. ABC owns 1% of the voting shares of IJK.

Problem 1: Based on the above information, what is the Part IV tax payable by ABC Ltd for the current year? Round your answer to the nearest dollar.

Reference no: EM132791795

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