Serenity Now Inc. is a CCPC that operates a yoga studio and retail… Serenity Now Inc. is a CCPC that operates a yoga studio and retail store. During the current taxation year ending December 31, the company has net income for tax purposes of $215,750, which includes the following:Net rental Income ,000Capital gains (from disposition of property utilized in active business) $51,500Non-Eligible Dividends from taxable Canadian corp. (connected corporation) $41,300Interest on long-term investments $17,450Active business income $98,500The company has a net capital loss from two years ago of $24,000 (1/2 $48,000), which is deducted in calculating Taxable Income. The company is not associated with any other corporations and you can assume that the AAII and TCEC for the corporation in the prior year were below the required thresholds; therefore, it receives the full small business limit. Assume the company’s Part I Tax Payable has been correctly determined to be $36,019. Determine the refundable amount of Part I tax for the current year ending December 31, which would be added to Non-Eligible RDTOH.LawSocial ScienceTax law ACCT 328
