Assume that a corporation has $18 million of taxable income from operations. It also received interest income of $1.2 million and dividend income of $1.8 million. The dividend tax exclusion rate is 70%. What is its taxable income?

Assume that a corporation has $18 million of taxable income from operations. It also received interest income of $1.2 million and dividend income of $1.8 million. The dividend tax exclusion rate is 70%. What is its taxable income? $19.2 million O $19.74 million $20.46 million $18 million