#1 For which of the following situations can a corporation's dividends received deduction create a net operating loss?

• When the corporation owns 50% of the stock in the distributing corporation.
• When the corporation owns 70% of the stock in the distributing corporation.
• When the corporation owns 80% of the stock in the distributing corporation.
• Regardless of the percent of stock owned by the receiving corporation.

#3 For corporate taxpayers, the allowable deduction for charitable contributions may not exceed:

• 10% of the corporation's taxable income for any year other than 2020.
• 15% of the corporation's taxable income for any year other than 2020
• 30% of the corporation's taxable income for any year other than 2020
• 5% of the corporation's taxable income for any year other than 2020.

#11 Company X owns 15% of Company Y. Company X uses a percentage rate of ____________ to compute its dividends received deduction.

#12 The original due date for a corporation with a September 30 year end is ____________. (format answer as MM/DD)