Question 11 Money Corporation has the following income and expenses for the tax year: $200,000 700,000 20,000 Gross profit on sales: Expenses: Dividends received from less-than-20%-owned domestic corporations: What is Money's net operating loss? $490,000 $494,000 $220,000 $520,000 Joker Corporation owns 80% of Klue Corporation. Joker Corporation also owns 45% of Lion Corporation and 45% of Mark Corporation. Klue Corporation owns 40% of Lion Corporation and 10% of Mark Corporation. Which corporations are members of a controlled group? Joker and Klue Corporations Joker, Klue, Lion, and Mark Corporations Joker, Klue, and Lion Corporations Klue, Lion, and Mark Corporations Sarah transfers property with an $80,000 adjusted basis and a $100,000 FMV to Super Corporation in a Sec. 351 transaction. Sarah receives stock with an $85,000 FMV and a short-term note with a $15,000 FMV. Sarah's basis in the stock is $80,000 $85,000 $100,000 $95,000