earest dollar 1 Which of the following sources of tax law is the least authoritative? Revenue Procedures Private Letter Rulings Temporary Regulations Secondary authority may be rounded to the nearest dollar. E 1 : 49 , 4.55 For the current year, Getty Corporation has gross profits from sales of $400,000. It has deductible expenses of $200,000 (not including the dividends received and charitable deductions). Getty also received dividends of $100,000 from a U.S. corporation in which it owns 40% of the outstanding stock. Lastly, Getty made charitable contributions of $50,000. For the current year, Getty may claim a charitable contribution deduction of: $23,500 $50,000 $0 $30,000 2 4.55 Congressman Kennedy hires you as member of her staff. She is the newest member of the House Ways and Means committee, and the committee is considering the possibility of eliminating the dividends received deduction. Which of the following supports keeping the dividends received deduction (DRD)? The DRD may prevent income from multi-tier corporations from being taxed more than twice. The DRD may decrease the amount of tax individual tax payers owe on their personal tax returns. The DRD may eliminate the need for corporations to track their net operating loss. The DRD simplifies the tax code by making the calculation of corporate taxable income easier