Giganto Inc

question 143

Multiple Choice

Giganto Inc.is a CCPC that is not associated with any other company.As determined by ITR 5200, Giganto Inc.has M&P profits of $575,000, with all of this amount being Cana- dian source active business income.Its total Net Income For Tax Purposes is $625,000, with the additional $50,000 being foreign source business income.The foreign govern- ment withheld 10 percent of this amount which is equal to the foreign business income tax credit.In determining Taxable Income, Giganto deducted a non-capital loss carry for- ward of $75,000.What is Giganto's M&P deduction for the year?

• A)$75,000
• B)$ 8,625
• C)$ 3,580
• D)$31,132

---

Definitions:

Neural Relay Center

A part of the nervous system responsible for processing and transmitting information from one area to another.

Pons

A part of the brain located in the brainstem, serving as a major communication and coordination center between the two hemispheres of the brain.

Regulating Homeostatic

The process of maintaining internal balance and stability in biological systems despite changes in the external environment.

Occipital Lobe

The portion of the cerebral cortex located at the back of the brain, responsible for processing visual information.