With respect to Generat Rate Income Pool (GRIP) and Low Rate Income Pool (LRIP) balances, which of the following statements is NOT corect? OA. A Canadian Controlled Private Corporation's General Rate Income Pool account is increaqed by 72 percent of the company's Taxable income. OB. ACanadan Controlled Private Corporation's General Rate Income Pool account is increased by the amount of eligibie dividends received during the current year OC. ACanadian Controlled Private Corporation's General Rate Income Pool account is reduced by the amount of eligble dividends designated in the preceding taxation year OD. A public company's Low Rate Iricome Pool account is increased by the amount of non-eligible dividends recelved

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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With respect to General Rate Income Pool (GRIP) and Low Rate Income Pool (LRIP) balances, which of the following statements is NOT correct?
OA. A Canadian Controlled Private Corporation's General Rate Income Pool account is increased by 72 percent of the company's Taxable Income.
B. A Canadian Controllod Private Corporation's General Rate Income Pool account is increased by the amount of eligible dividends recelved during the current
year
oc. A Canadian Controlled Private Corporation's General Rate Income Pool account is reduced .by the amount of eligible dividends designated in the preceding
taxation year
OD. A public company's Low Rate Inicome Pool account is increased by the amount of non-oligible dividends roceived.
Transcribed Image Text:With respect to General Rate Income Pool (GRIP) and Low Rate Income Pool (LRIP) balances, which of the following statements is NOT correct? OA. A Canadian Controlled Private Corporation's General Rate Income Pool account is increased by 72 percent of the company's Taxable Income. B. A Canadian Controllod Private Corporation's General Rate Income Pool account is increased by the amount of eligible dividends recelved during the current year oc. A Canadian Controlled Private Corporation's General Rate Income Pool account is reduced .by the amount of eligible dividends designated in the preceding taxation year OD. A public company's Low Rate Inicome Pool account is increased by the amount of non-oligible dividends roceived.
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