! Required information Problem 15-53 (LO 15-3) (Algo) (The following information applies to the questions displayed below.) Marathon Inc. (a C corporation) reported $1,900,000 of taxable income in the current year. During the year, it distributed $190,000 as dividends to its shareholders as follows: $9,500 to Guy, a 5 percent individual shareholder. $28,500 to Little Rock Corp., a 15 percent shareholder (C corporation). $152,000 to other shareholders. Problem 15-53 Part d [MUST MANUALLY GRADE) (Algo) d. Complete Form 1120 Schedule C for Little Rock Corp. to reflect its dividends received deduction (use the most recent Form 1120 Schedule C available). Please right click on the attached Adobe document and select open in new window. Then, download the Tax Form and enter the required values in the appropriate fields. Save your completed Tax Form to your computer and then upload it here by clicking "Browse." Next, click "Save." Form 1120 (2019) Schedule C Dividends, Inclusions, and Special Deductions (see instructions) (a) Dividends and inclusions Page 2 (c) Special deductions (a) x (b) (b) % 1 50 Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock) Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) 2 65 3 Dividends on certain debt-financed stock of domestic and foreign corporations see instructions 4 Dividends on certain preferred stock of less-than-20%-owned public utilities 23.3 5 Dividends on certain preferred stock of 20%-or-more-owned public utilities . 26.7 6 Dividends from less-than-20%-owned foreign corporations and certain FSCS 50 7 Dividends from 20%-or-more-owned foreign corporations and certain FSCS 65 8 Dividends from wholly owned foreign subsidiaries 100 see instructions 9 10 Subtotal. Add lines 1 through 8. See instructions for limitations Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 100 11 Dividends from affiliated group members 100 12 Dividends from certain FSCs 100 13 Foreign-source portion of dividends received from a specified 10%-owned foreign corporation (excluding hybrid dividends) (see instructions) 100 100 14 corporation (excluding hybrid dividends) (see instructions) Dividends from foreign corporations not included on line 3, 6, 7, 8, 11, 12, or 13 (including any hybrid dividends). see instructions 15 Section 965(a) inclusion. 100 16a Subpart F inclusions derived from the sale by a controlled foreign corporation (CFC) of the stock of a lower-tier foreign corporation treated as a dividend (attach Form(s) 5471) (see instructions). b Subpart F inclusions derived from hybrid dividends of tiered corporations (attach Form(s) 5471) (see instructions) Other inclusions from CFCs under subpart F not included on line 15, 16a, 16b, or 17 (attach Form(s) 5471) (see instructions). 17 Global Intangible Low-Taxed Income (GILTI) (attach Form(s) 5471 and Form 8992) 18 Gross-up for foreign taxes deemed paid. 19 IC-DISC and former DISC dividends not included on line 1, 2, or 3 20 Other dividends 21 Deduction for dividends paid on certain preferred stock of public utilities 22 23 Section 250 deduction (attach Form 8993) Total dividends and inclusions. Add column (a), lines 9 through 20. Enter here and on page 1, line 4 Total special deductions. Add column (c), lines 9 through 22. Enter here and on page 1, line 295 24 Form 1120 (2019)
