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Q4. Active business income ...

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Verified Solution

Question

Finance

Q4.

Active business income

Investment income

This year and last year

Portfolio

Dividend income non-connected

Dividends income connected

CDN ABI income

500,000

Cdn interest income(non-active)

20,000

Cdn dividend income

0

CDN dividend income (50% ownership; dividend refund receive by subsidiary was 20,000)

10,000

Taxable capital gain (non-active)

100,000

  • MML HAD A CARRY FORWARD OF $500,000 OF charitable donation from 2018.
  • This year, MML paid $90,000 dividends to its share holder
  • Assume all amounts are non-eligible
  • Assume there are no associated companies.

Please calculate the maximum business limit to be used calculate the small business deduction this year (adjust for passive income)?

The answer is:

  1. 150,000
  2. 0
  3. 250,000
  4. 500,000

Answer & Explanation Solved by verified expert
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