Question
Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year. Crane Loon Crane Loon Gross income from operations $286,000
Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year.
Crane Loon
Crane Loon Gross income from operations $286,000 $457,600
Expenses from operations 400,400 480,480
Dividends received from domestic corporations (15% ownership) 171,600 343,200
a. Compute the dividends received deduction for Crane Corporation. $_________
b. Compute the dividends received deduction for Loon Corporation. $_______
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Accounting And Finance For Non-Specialists
Authors: Eddie McLaney, Peter Atrill
11th Edition
1292244011, 9781292244013
