4. $270,000 QUESTIC 47 X Co. had the following income and expenses: Gross income from operations $400,000 Expenses from operations $410,000 Dividends received from a domestic corporation (13% owned by X Co.) $30,000 Capital loss carryback $17,500 X Co.'s dividends received deduction is 1. $19,500 2. $15,000 3.510,000 4. None of these. OLECTION AR Click Save and Submit to save and submit. Click Save All Answers to save all answers. 21 QUESTION 48 $30,000 X Co. had the following income and expenses: Gross income from operations $200,000 Expenses from operations $150,000 Dividends received from a domestic corporation (5% owned by X Co.) Capital loss carryback $35,000 Net operating loss carryforward $6,000 X Co.'s dividends received deduction is 1. $15,000 2. $1,500 3. None of these. 4. $19,500 Click Save and Submit to save and submit. Click Save All Answers to save all answers. W 4. $19,500 QUESTION 49 X Co. had the following income and expenses: Gross income from operations $800,000 Expenses from operations $950,000 Dividends received from a domestic corporation (28% owned by X Co.) $300,000 Capital loss carryback $25,000 X Co.'s dividends received deduction is 1.0 2. None of these. 3. $97,500 4. $195,000 QUESTION 50 Which statement is false with regard to the complete liquidation of a calendar year subsidiary which is liquidated pursuant to a parent/subsidiary liquidation? Click Save and Submit to save and submit. Click Save All Answers to save all answers. 4. $195,000 QUESTION 50 Which statement is false with regard to the complete liquidation of a calendar year subsidiary which is 85% owned by its parent and liquidated pursuant to a parent/subsidiary liquidation? 1. No gain or loss is recognized by the parent corporation and it has a fair market value basis in the assets received 2. The minority shareholders recognize gain or loss. A formal plan of liquidation must be adopted if the shareolders adopt a resolution authorizing the liquidation on 3/9/x3, and the liquidating distributions occur on 7/3/X3 and 10/16/x4. 4. The subsidiary recognizes gain on its distributions to the minority shareholders, but not loss. 5. More than one of these stalements is false. 3. Save Al Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook Pro