Final Exam Review - Chp 12 notes

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Management and Organizational Studies
Management and Organizational Studies 3362A/B
Ann Bigelow

Taxable Income and Taxes Payable for CorporationsNIFTP less o Charitable Donations limited to 75 of NIFTP carry fwd of 5 years o Dividends no gross up or tax credit full amount received is deducted o Loss carryovers from subsequent or prior tax yearsStoploss rules specify that any loss resulting from a disposition of shares by a corporation must be reduced by the amount of dividends received that are eligible for deduction The rules apply to shares that are held as capital property and if o They have been held for less than one year OR o The corporation holding the shares along with other nonarms length persons owns more than 5 of the class of shares on which the dividend was receivedIf there is insufficient Net Income to allow deduction of dividends and net capital losses both can be added to the nonCL carry over balance The nonCL carry over for the year is the amount determined byAD whereAthe amount determined by the formula EF where Ethe total of all amounts each of which is the tps loss for the year from office employment business property ABIL net CL carry overs deducted this amount cannot exceed TCG and dividends received from taxable Cdn corps and deducted in computing Taxable incomeFthe amount determined under ITA 3c sum of noncapital positive sources and net capital gains less subdivision e deductionsDtaxpayers farm loss for the yearGeographical allocation of income o First establish the permanent establishment of the firm o Income is then allocated on the basis of 2 variablesgross revenues and salarieswages see p 579 Corporate tax rates depends on the type of corporation public private or CCPCPublic Private CCPC Base Rat
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