D, an individual, received $50,000 of eligible dividends from Canadian corporations in the current year. What...
D, an individual, received $50,000 of eligible dividends from Canadian corporations in the current year. What amount is included in D’s net income for tax purposes for the current year?
Homework Answers
Answer:-
| Amount to be included in D's net income for tax purpose = $69,000 |
| Currently the gross up rate on eligible dividend received from Canadian corporation is 38% | ||
| Amount received as dividend | $50,000 | |
| Gross up dividend by 38% | $69,000 | 50,000*1.38 |
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