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Determine the amount of Tax payable by Opus Limited

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Reference no: EM132572914

Question - Opus Limited is a Canadian controlled private corporation. During 2017, the company received the following dividends:

Dividends on Portfolio Investments $35,000

Dividends from Magnum Inc. [(100%)($55,000)] 55,000

Dividends from Masterpiece Ltd. [(40%)($100,000)] 40,000

Opus owns 100% of the shares of Magnum Inc. and 40% of the shares of Masterpiece Ltd. Masterpiece received a dividend refund of $10,000 on its dividend payment, while Magnum received a dividend refund of $15,000. Determine the amount of Part IV Tax payable by Opus Limited for the current year.

Reference no: EM132572914

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