The Collins Corporation, a domestic corporation, owns 65 percent of ODwyer, a foreign corporation. During the current

Question:

The Collins Corporation, a domestic corporation, owns 65 percent of O’Dwyer, a foreign corporation. During the current year, Logo receives $120,000 in dividends. O’Dwyer’s post-1986 undistributed U.S. earnings are $1,500,000, and its post-1986 undistributed earnings are $5,000,000. What is Collins’ dividend received deduction for the current year?

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