Kanaaq Sila Began a Group of Companies in 2019 Which

question 4

Multiple Choice

Kanaaq Sila began a group of companies in 2019 which are referred to as the 'Sila Group'.The companies only earn active business income.The parent company of the group is Sila Co.which had $300,000 of taxable income in 2020.Sila Co.'s wholly owned subsidiaries are Kan Co.which has taxable income of $50,000 for 2020, and Aaq Co.which has a loss of $20,000 for 2020 and unused losses from 2019 of $15,000.Sila Co.and Kan Co.have no loss carryovers.The corporate tax rate is 13%.What is the total tax liability for the Sila Group in 2020?

• A)$39,000
• B)$40,950
• C)$42,900
• D)$45,500

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