What is the tax payable by ABC Ltd for the current year

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Question - 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.

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: EM132826302

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