Star Inc Case Study - Accounting & Finance Assignment Help

Assignment Task

Question 1: Cloud Inc. is a Canadian controlled private corporation. The following data summarized the operations of Cloud Inc. for the year ended Dec 31, 2017
Income ( Loss ) from Business A $ 60,000.00
Income ( Loss ) from Business B $ (8,000.00)
Capital Loss $ (10,000.00)
Dividends from taxable Canadian corporations $ 4,000.00
Capital Gain $ 6,000.00
Donaton to a charitable organization $ 2,700.00
Part time farm income (loss) ( Subject to Sec 31 ) $ (25,000.00)
Cloud Inc. had following account balances at Dec 31, 2016
Net capital loss (from 2011) $ 3,000.00
Resticted farm loss (from 2010) $ 7,000.00
Non - capital loss ( from 2009) $ 25,000.00
Non - capital loss ( from 2010) $ 50,000.00
Refundable dividend tax on hand $ 3,000.00
2016 dividend refund $ 1,600.00
Charitable donations ( from 2016) $ 2,400.00

Required :
Charitable donations
Restricted farm losses
Net capital losses
Non- capital losses
Farm losses

A. Calculate the minimum taxble income of Cloud Inc. for the year dended Dec 31, 2017. Use Section 3 format for the calculation of net income. Use carry overs in the following order

B. Prepare a schedule of losses incurred, applied & available to be carried over to 2018

Question 2: Tina Ltd is a Canadian controlled private corporation with a year ending Dec 31, 2017. You have been asked to calculate the part IV tax, Refundable Dividend Tax on hand and Dividend Refund for The following information is provided to assist you in completing Schedule 3 and page 6 & 7 of the T2 return for Tina Ltd.
Most of the tax calculation have already been completed for you and you can assume that these calculations are correct
Note 4 : In calculating the Small business deduction the lesser of line $400,405,410 or 427 of the T2 is $120,000
Note 5 : During 2017 Tina Ltd paid $162,000 in dividends to its individual shareholders
Note 6 : The December 31, 2016 balance in the refundable dividend tax on hand account was $193,500
The dividend refund for the year ending Dec 31, 2016 was $ 47,300
Note 7 : For the calculation of refundable portion of Part 1 tax payable as listed above

Required : Using Schedule 3 & page 6 & 7 of the T2 . Calculate the dividend refund for Tina Ltd for 2017

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