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Classify the following transaction by determining the reason(s) for a difference in the accounting books and the tax return (Mark all that apply). XYZ owns
Classify the following transaction by determining the reason(s) for a difference in the accounting books and the tax return (Mark all that apply). XYZ owns 30 percent of the outstanding Hobble Corp. (HC) stock. Hobble Corp. distributed a $200,000 dividend to XYZ. For tax purposes, XYZ reports the actual dividend received as income, and a 65% dividends received dedcution. Income for book but not for tax Deduction for book but not for tax. Deductions for the tax return but not for the books. Income for tax, but not for the books
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