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1 ) Camelot Corporation has the following income and expense items for the current tax year: Dividend income received from less than 2 0 %

1) Camelot Corporation has the following income and expense items for the current tax year: Dividend income received from less than 20%-owned domestic corporations $100,000 Net income from operations 30,000 What is the amount of Camelots DRD?(2) Assume the same facts as in (1), except that Camelot Corporation has a $20,000 loss from operations for the current year. What are the amounts of the DRD and the actual taxable income calculated for tax purposes? (3) Assume the same facts as in (2), except that Camelot Corporations net operating loss for the current year is $60,000, resulting in taxable income before the DRD of $40,000. What are the amounts of the DRD and the actual taxable income calculated for tax purposes?

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