Francisca, Inc., owns all outstanding stock of Sassafras, Inc. For the current year, Francisca reports net income (exclusive of any investment income) of $632,000. Francisca has 100,000 shares of common stock outstanding. Sassafras reports net income of $232,000 for the period with 50,0000 shares of common stock outstanding. Sassafras also has 10,000 stock warrants outstanding that allow the holder to acquire shares at $13.50 per share. The value of this stock was $27 per share throughout the year. Francisca owns 4,900 of these warrants.

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