A corporation that designates dividends as eligible dividends that exceed its capacity to pay such dividends is subject to part iii1 tax the tax is equal to 20 of the excessive eligible dividend designation use schedule 55 part iii1 tax on excessive eligible dividend designations to calculate any part iii1 tax payable and file it with your t2 return. Part i3 tax the tax on large corporations was introduced in the budget of april 1989 and subsequently became law with the enactment of bill c 28 it is generally effective with respect to taxation years ending after june 1989 part i3 tax is determined on an annual basis by applying a specified rate to the capital tax base of a corporation. 2016 quiz instructions 2016 s corporation taxation part ii there are 30 multiple choice questions at the end of the course choose the best answer based on the limited facts of each question and record your answer on the enclosed answer sheets. 2016 quiz instructions 2016 s corporation taxation part i there are 30 multiple choice questions at the end of the course choose the best answer based on the limited facts of each question and record your answer on the enclosed answer sheets. Please note amount d cannot exceed the corporations tax payable under part i for the year as calculated without reference to subsections 12521 and 12531 page 4 for 1992 and subsequent taxation years corporations can claim a credit against their part i3 tax for the amount of canadian surtax payable this is called surtax credit
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