Problem
The company leases all of its other buildings and equipment, the building was the only asset in class 1. The UCC of this class prior to the disposition of the building was $86,000.
It has been agreed that $200,000 of the business limit for small business deduction will be claimed by Swift Enterprises Ltd., leaving the remainder for the associated corporation, Multi Versa Enterprises Ltd.
Task
Calculate Net Income for Tax Purposes, Taxable Income and the federal Part I tax. Compute the refundable dividend tax on hand balance, showing in detail your calculations and compute the dividend refund for Swift Enterprises Ltd.