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Island 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

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Island 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 $60,000 40,000 30,000 The taxable income of Island Corporation is O A. $47,000. OB. $70,000 O C. $100,000. O D. $50,000

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