Determine the refundable portion of tax payable

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Reference no: EM132741174

Question - Cloudy ltd a canadian controlled private corporation has correctly calculated its 2019 net income for tax purposes to be $261,300 and taxable income to be $160,000 all earned in canada. cloudys 2019 net income follows:

Active business income (eligible for small business deduction) $100.000

Net rental income $18,200

Taxable capital gains $84,000

Dividends from portfolio investments $41,300

Interest on long term investments $17,800

Included among the deductions is taxable income for 2019 is a net capital loss from 2006 of $38,000. cloudys part I tax payable is correct calculated at $32,200

Required - Determine the refundable portion of part I tax payable for the year ending Dec 31 2019?

Reference no: EM132741174

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