FMT10 Problem: Federal Tax Payable - Jeb Corporation Limited

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FMT10 Problem: Federal Tax Payable - Jeb Corporation Limited

Jeb Corporation Limited (JEB), a Canadian incorporated company, operates a retail chain of

computer supplies stores in Canada and abroad. JEB’s taxable income for its most recent year

end was $862,000. JEB is taxable in three Canadian provinces and in 2 foreign countries on its

business income. JEB earns only business income.

JEB is 65% owned by non-Canadian residents. Its gross revenues are 83% earned in Canadian

provinces. The % of total salaries and wages paid in Canada are 77%.

JEB was not in a taxable position in either of the foreign countries.

Required:

Calculate JEB’s Part I Federal tax payable.

    • 9 years ago
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