I:16-40 Net Operating Losses. For 2022, Alpha Corporation reports $500,000 of gross income from business operations and

Question:

I:16-40 Net Operating Losses. For 2022, Alpha Corporation reports $500,000 of gross income from business operations and $625,000 of allowable business deductions. It also received from a domestic corporation $150,000 in dividends for which it is entitled to a 65%

dividends-received deduction. What is Alpha’s taxable income reported on Form 1120?

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