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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 57 times)

mmmmm

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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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mmmmm

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Reply 2 on: Aug 7, 2023
Thanks for the timely response, appreciate it


mcarey591

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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