Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2018. The
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Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2018. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45%.
a. Calculate the corporation’s dividends received deduction for 2018.
b. Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation’s dividends received deduction for 2018.
c. Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation’s dividends received deduction for 2018.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a lesser of 65 x 30000 or 65 of the sum of 210000 30000 160000 19500 The deduction ...View the full answer
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Related Book For 
Income Tax Fundamentals 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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