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Required information (The following information applies to the questions displayed below.) Riverbend Inc. received a $410,000 dividend from stock it held in Hobble Corporation. Riverbend's
Required information (The following information applies to the questions displayed below.) Riverbend Inc. received a $410,000 dividend from stock it held in Hobble Corporation. Riverbend's taxable income is $2,520,000 before deducting the dividends-received deduction (DRD), a $83,000 NOL carryover, and a $181,000 charitable contribution. Use Exhibit 13-6. (Round your tax rates to 1 decimal place. Leave no answer blank. Enter zero if applicable.) a. What is Riverbend's deductible DRD assuming it owns 10 percent of Hobble Corporation? DRD Receiving Corporation's Stock Ownership in Distributing Corporation's Stock Less than 20 percent At least 20 percent but less than 80 percent 80 percent or more Dividends-Received Deduction Percentage 50 65 100
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