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

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Definitions:

Physiological Changes

Alterations in the body's normal biological functions, which can be due to various factors such as stress, exercise, or illness.

Blood Pressure

The force exerted by circulating blood on the walls of blood vessels, a critical indicator of cardiovascular health.

Chronic Insomnia

A long-term condition characterized by difficulties in falling asleep, staying asleep, or experiencing restorative sleep, affecting daily functioning.

Adults

Individuals who have reached the age at which they are considered legally responsible for their actions, typically 18 or older.