Problem 11-5 Special Deductions and Limitations (LO 11.3)

Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2018. 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	2018 Dividends Received Percentage
Less than 20 percent	50%
20 percent or more, but less than 80 percent	65%
80 percent or more	100%

b- Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2018.

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