2. Walnut Corporation owns 60 percent of Teak Corporation, a domestic corporation. During 2010, Walnut Corporation received

Question:

2. Walnut Corporation owns 60 percent of Teak Corporation, a domestic corporation.

During 2010, Walnut Corporation received $20,000 in dividends from Teak Corporation.

Assuming that Walnut’s taxable income for 2010 before the dividends received deduction is $500,000, what is the amount of Walnut’s dividends received deduction for 2010?

a. $0

b. $14,000

c. $16,000

d. $20,000

e. None of the above LO 11.3

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