The Great Big Cookie Corp

question 6

Multiple Choice

The Great Big Cookie Corp.(GBCC) is a Canadian controlled private corporation which realized a total net income for tax purposes of $230,000 in 2020.During the year, GBCC received $25,000 in dividends from a taxable Canadian corporation during the year, and they also donated $15,000 to a registered charity.What is GBCC's taxable income in 2020?

• A)$190,000
• B)$205,000
• C)$215,000
• D)$240,000

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Definitions:

Leasehold

A type of property interest that allows the leaseholder (tenant) to use and occupy land or property for a certain time, as dictated by a lease agreement.

Emergencies

Urgent situations that require immediate action due to a threat to health, life, property, or environment.

Repairs

The action taken to fix or restore something that is broken, damaged, or not functioning properly.

Conditional Estate

A type of property ownership that is contingent upon certain conditions, which if not met, can result in the loss of property rights.