Morning Sky Corporation, a CCPC, has the following in the current taxation year. ...
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Accounting
Morning Sky Corporation, a CCPC, has the following in the current taxation year.
Taxable income: $720,000
Income eligible for the Small Business Deduction: $485,000
Aggregate investment income: $150,000
Part 1 taxes payable: $165,300
Morning Sky corporation did not earn any foreign income during the current taxation year. Which of the following is the correct amount of the corporation's refundable portion of Part I taxes that will be added to
Morning Sky Corporation's Non-eligible refundable dividend tax on hand account in the current taxation year?
Answer: $46,000 please explain how?
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