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

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

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