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Sponge Todd Square Corp (STSC) is a corporation resident in Canada that has asked you...

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Accounting

Sponge Todd Square Corp (STSC) is a corporation resident in Canada that has asked you to prepare a calculation of their corporate Part I taxes owing for the 2018 taxation year. They have calculated their taxable income as follows:

Active business income - $650,000 Interest Income (passive) - $70,000 Foreign income - $80,000 Losses carried forward (100,000) Taxable Income $700,000

STSC is associated with another corporation. The other corporation has already used $150,000 of the small business deduction limit.

Please show all your work.

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