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problem
Module Assignment 9
Tax 1 -CGA
Problem (Comprehensive Corporate Tax Payable) Startop Ltd. is a Canadian controlled private corporation that was established in Manitoba in 2009. For the year ending December 31, 2010, its accounting Net Income Before Taxes, as determined under generally accepted accounting principles, was $462,000. Other information for the 2010 fiscal year follows. Other Information: 1 Startop sold depreciable assets for $450,000. These assets had an original cost of $390,000 and a net book value of $330,000. They were Class 8 assets and, at the beginning of 2010, the balance in this class was $350,000. The Company has other assets left in this class at the end of the year. The Company's amortization expense was $546,000. Maximum deductible CCA for the year was $730,000. The Company spent $50,000 on business meals and entertainment. During the year, the Company begins selling a product on which they provide a five year warranty. At the end of the year, they established a warranty reserve of $20,000 to reflect the expected costs of providing warranty services. No costs were incurred in 2010. It has been determined that Startop has active business income of $190,000 for the year. Included in this amount were manufacturing and processing profits, as determined by the Income Tax Regulations, of $150,000. The Company's revenues included foreign source nonbusiness income of $17,000 (Canadian dollars). This was the amount that was received after the withholding of $3,000 (15 percent of the gross amount) by the foreign tax
0 authorities. 1 2 3
4
5
0 6. During the year, the Company had the following amounts of Canadian source investment income: 1
Assignment problem 2 3 7.
Module 9
Tax 1 -CGA
Interest On LongTerm Investments $25,000 ,Eligible Dividends On Bank of Nova Scotia Shares 11,000 At December 31, 2009, the Company had a noncapital loss carry forward of $205,000 and a net capital loss carry forward of $19,000 [(1/2)($38,000)] from 2007. As of December 31, 2009, the balance in Startop's RDTOH account was $17,000. A dividend refund of $2,000 was claimed in the 2009 corporate tax return. As of December 31, 2009, Startop Ltd. has a GRIP of $13,400. During 2010, the Company designated all of the $6,000 in dividends paid as eligible. During the year ending December 31, 2010, the Company used its existing cash resources to pay dividends of $210,000. Of this total, $6,000 were designated as eligible.
8.
9.
10.
Required: A. Calculate Startop's minimum Net Income For Tax Purposes and Taxable Income for the year ending December 31, 2010. B. Calculate Startop's Part IV Tax Payable for the year ending December 31, 2010. C. Assume the foreign nonbusiness tax credit is equal to the foreign tax withheld. Calculate Startop's Part I Tax Payable for the year ending December 31, 2010. D. Assume the foreign nonbusiness tax credit is equal to the foreign tax withheld. Calculate Startop's dividend refund for the year ending December 31, 2010. Show all of the calculations used to provide the required information, including those for which the result is nil.

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