27 Maxwell Corporation reports the following results: Gross income from operations $90,000 Dividends received from 18% owned domestic corporation 70,000 Expenses 100,000 a. $30,000. b. $35,000. c. $56,000 d. $70,000 e. None of the above. QUESTION 28 Island Corporation has the following income and expense items for the year: Gross receipts from sales Dividends received from 15% owned domestic $150,000 corporation 50,000 Expenses connected with sales 176,000 The taxable income of Island Corporation is a. $25,000 b. $20,000 c. Zero, d. $12,000 e. None of the above