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Can anyone help me out on the second part. I can't seem to get this answer correct and the answer $70,053.60 is not correct, because
Can anyone help me out on the second part. I can't seem to get this answer correct and the answer $70,053.60 is not correct, because I thought the same thing before I asked before. Thanks for your help.
Exercise 9-13 (Algorithmic) (LO. 5) Cordeio, Inc, is a controlled foreign corporation (CFC) for the entire tax year. Yancy Company, a U.S. corporation, owns 85% of Cordeio's one class of stock for the entire year. Cordeio's Subpart F income is $510,000, and no distributions have been made during the year. Both entities use the calendar tax year. Assume a 365-day year and not a leap year. Round any division to six decimal places and use in subsequent computations. Round your final answers to the nearest dollar. a. What amount does Yancy include in gross income as a constructive dividend for the tax year? b. Assume that Cordeio is a CFC until March 1 of the calendar tax year. What amount does Yancy include in gross income as a constructive dividend for the tax year? x Expert Answer This solution was written by a subject matter expert. It's designed to help students like you learn core concepts. Step-by-step Step 1/2 Step 2/2 Final answer A) Constructive dividend for the tax year =$433,500 B) Constructive dividend =$$70,053.60
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