Falcon Ltd
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Falcon Ltd. received the following dividends during the year for its December 31, 2019 taxation year:
Dividend from a corporation A in which Falcon Ltd has a 5% interest $150,000
Dividend from a wholly owned subsidiary corporation B $90,000
Dividend from a wholly owned subsidiary corporation C $60,000
Further Information:
Corporation B received a $20,000 dividend refund as a result of paying the above dividend.
Corporation C received no dividend refund as a result of paying the above dividend.
What is the minimum Part IV tax which Falcon Ltd will have to report for December 31, 2019?
1) $77,500
2) $99,600
3) $115,000
4) $80,000
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