Module 9 - Problme 12 - 7 Net Income for tax Purposes Less:...

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Problme 12 - 7 Net Income for tax Purposes Less: Division C deductions donations (60000+10000) Dividends Net capital loss - lesser of a) TCG b) Ax B/C 15000x50%/75% TAXABLE INCOME Part I Tax Payable + Basic Federal Tax - 38% x TI 220000x38% - Abatment -10% x220000x75% - SBD - 17% x lesser of a) ABI (74000+85000) b) TI 220000 Less: 10/3xFNBTC -6667 Less: 3xFBTC -60000 c) BL (500000-350000) 17%x150000 + ART - 6 2/3% x lesser of a) AII + TCG 9000 - NCL claimed -9000 + rental 4000 + Interest inc 15000 + royalty 1000 + US interest inc 15000 b) TI 220000 Less: SBD eligible Inc -150000 6 2/3%x35000 - a) 74000 Less: SBD eligible Inc -150000
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b) TI 220000 Less: SBD eligible Inc -150000 Less: 3xFBTC -60000 Less: AII -35000 - GRR - 10% x balance TI 220000 LessSBD eligible inc -150000 LessM&P inc 0 Less: AII -35000 35000 x10% - FNBTC - FBTC Part I Federal Tax Payable Add: Provincial tax @12% x 220000x75% Total Part I Tax Payable Refundable Dividend Tax On Hand (RDTOH) + Balance beginning
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This note was uploaded on 05/16/2011 for the course BSAD 1060 taught by Professor Mumsy during the Spring '11 term at Langara.

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Module 9 - Problme 12 - 7 Net Income for tax Purposes Less:...

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