Comprehensive Problem. Scandinavian Furniture Inc., a calendar-year corporation, is worried about the accumulated earnings tax. In February, the following facts are available for the preceding year:

Accumulated earnings and profits as of 12/31

$220,000

Taxable income (exclusive of capital gains)

110,000

Charitable contributions in excess of limit

3,000

Long term capital gain, taxable at 34 percent

10,000

Dividends from Canadian corporations

7,000

Dividends from U.S. corporations (25 percent owned)

8,000

Total income tax liability

60,000

Demonstrable business needs

235,000

If the consent dividend route is to be used, which amount must be reported to avoid the accumulated earnings tax?

https://www.coursehero.com/u/file/8624268/Chapter-18-2014-CCH-Federal-Taxation-Comprehensive-Topics-by-Smith-Harmelink-and-Hasselback-2014/#doc/qa