Cinder Inc. is a Canadian$-$controlled private corporation based in your province. The company operates a wholesale

business. The following information is provided for its year ended May $31,2023$:

Net income for tax purposes is $$212,000.$ The following are included in this amount.

$PQ$ Ltd$.$ is a Canadian$-$controlled private corporation. Cinder owns $60\%$ of its common voting shares. In $2023,$ PQ claimed

the small business deduction on $$320,000$ of its active business income. $PQ$ paid a non$-$eligible dividend of $$10,000,$ of

which Cinder's share is $$6,000(60\%).$ As a result of the dividend, $PQ$ received a dividend refund of $$1,000$ from its non$-$

eligible RDTOH.

Cinder made contributions of $$4,000$ to registered charities. This amount has been correctly adjusted for in computing

net income for tax purposes.

The following information is from Cinder's $2022$ tax return.

On May $31,2023,$ Cinder paid taxable dividends of $$20,000($eligible $$10,000$ and non$-$eligible $$10,000)$ to its

shareholders.

Required:

Determine Cinder's federal income tax for the $2023$ taxation year.Cinder Inc. is a Canadian$-$controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May $31,2023$: Net income for tax purposes is $$218,000.$ The following are included in this amount. Interest income from bonds $ $16,000$ Interest income on overdue trade accounts receivable $1,200$ Taxable capital gain on sale of land $20,000$ Eligible dividends from Canadian public corporations $14,400$ Non$-$eligible dividends from PQ Ltd$.($see item $2$ below$)7,200$ PQ Ltd$.$ is a Canadian$-$controlled private corporation. Cinder owns $60\%$ of its common voting shares. In $2023,$ PQ claimed the small business deduction on $$384,000$ of its active business income. PQ paid a non$-$eligible dividend of $$14,000,$ of which Cinder$$s share is $$10,000(60\%).$ As a result of the dividend, PQ received a dividend refund of $$5,000$ from its non$-$eligible RDTOH. Cinder made contributions of $$8,000$ to registered charities. This amount