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Jupiter Corporation owns 15% of the stock of Mercury Corporation, which declares a dividend of $40,000. Jupiter Corporation also owns 20% of the stock of
Jupiter Corporation owns 15% of the stock of Mercury Corporation, which declares a dividend of $40,000. Jupiter Corporation also owns 20% of the stock of Nelson Corporation, which declares a $25,000 dividend. Assuming the taxable income limitation does not apply; how much is Jupiter Corporation's dividend received deduction for the year? (Hint: use Schedule: C of Form 1120)
a. $45,500.
b. $48,000.
c. $52,000.
d. $65,000.
e. None of the above.
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