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Author Question: In 2021, XYZ Inc. located in Ontario had income from operations of $4,650,000, received interest of ... (Read 21 times)

mmmmm

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on: Aug 7, 2023

Question 1

If a local Firm X owns 42% of the shares of a Canadian-owned Firm Y, and Y pays dividends to all of its shareholders, what percentage of the dividends received by X can be exempted from its taxable income?

◦

10%


◦

42%


◦

75%


◦

100%



Question 2

In 2021, XYZ Inc. located in Ontario had income from operations of $4,650,000, received interest of $220,000, paid $350,000 in interest, received dividends from another Canadian corporation of $220,000, and paid $510,000 in dividends to its common shareholders. If the applicable income tax rate is 35%, what is the corporation’s tax liability?

◦

$1,265,000


◦

$1,391,000


◦

$1,470,000


◦

$1,582,000

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Marked as best answer by mmmmm on Aug 7, 2023

hariet5

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Reply #1 on: Aug 7, 2023
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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mmmmm

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Reply 2 on: Aug 7, 2023
Great answer, keep it coming :)

emsimon14

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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