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Question 3 10 pts Island Corporation has the following income and expense items for the year: Gross receipts from sales $60.000 Dividends received from 15%

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Question 3 10 pts Island Corporation has the following income and expense items for the year: Gross receipts from sales $60.000 Dividends received from 15% owned domestic corporation 40,000 Expenses connected with sales 30,000 The taxable income of Island Corporation is $42.000 $47.000 $100.000 $70,000

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