Question: Elaine Ltd. is a Canadian-controlled private corporation. Its refundable dividend tax on hand (RDTOH) account at December 31, 2017 was $35,000. For its 2018 taxation year, its refundable portion of Part I tax was $29,000. The corporation received no dividends in 2018. It paid taxable dividends of $60,000 in 2017 and $75,000 in 2018.
Calculate the balance in Elaine Ltd's (RDTOH) account at December 31, 2018, rounded to the nearest thousand dollars is:
1) $38,000
2) $41,000
3) $44,000
4) $23,000
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