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Question 5 2 pts Island Corporation, a C corporation, has the following income and expense items for the year: Gross receipts from sales Dividends received from 15% owned domestic corporation Expenses connected with sales 30,000 The taxable income of Island Corporation is $100,000 $70,000, $47,000, $50,000, Question 6 2 pts Identify which of the following statements is true. The dividends-received deduction is designed to reduce double taxation of corporate dividends. The full 65% dividends-received deduction is available without restriction. If a corporation receives dividends eligible for the 65% dividends-received deduction and the 50% dividends-received deduction, the 50% dividends-received deduction reduces taxable income prior to the 65% deduction All of the above are false