Problem 11-4 Special Deductions and Limitations (LO 11.3)

Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for the current year. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45%.

Below is the Dividends Received Deduction table to use for this problem.

Percent Ownership	Dividends Received Deduction Percentage
Less than 20%	70%
20% or more, but less than 80%	80%
More than 80% Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for the current year.	100%