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In the current year, Buy-Rite, Inc., a calendar C corporation, has income from operations of $190,000 and operating deductions of $225,000. Buy-Rite also had
In the current year, Buy-Rite, Inc., a calendar C corporation, has income from operations of $190,000 and operating deductions of $225,000. Buy-Rite also had $30,000 of dividends from a 40% stock ownership in a domestic corporation. Which of the following statements is correct with respect to Buy-Rite for the current year? O Buy-Rite's NOL is $19,500 A dividends received deduction is not allowed in computing Buy-Rite's NOL. O The NOL is carried back 3 years and forward 10 years by Buy-Rite O Buy-Rite's dividends received deduction is $19,500
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