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2. A social club that was classified as being tax exempt under Code Section 501(c)(7) had taxable unrelated business income derived from dividends on investments.

2. A social club that was classified as being tax exempt under Code Section 501(c)(7) had taxable unrelated business income derived from dividends on investments. Can the social club claim the dividends received deduction allowed by Code Sec. 243 against the income? 243; 512

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