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During 2018, Mr. Franz Schlitz receives $23,500 in eligible dividends from Canadian public corporations. Calculate how...

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Accounting

During 2018, Mr. Franz Schlitz receives $23,500 in eligibledividends from Canadian public corporations. Calculate how muchFranz will include in his net income for tax purposes. Explain tohim why this is not the $23,500 he received, and the purpose of thedividend tax credit. Please note a full calculation of the dividendtax credit, and after tax cash retention is not required.

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Mr Franz Schlitz has received an amount of 23500 in eligible dividends which is net of taxes already paid by the corporation Hence we will have to calculate the Gross income earned by Mr Schlitz The Gross up rate    See Answer
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