Question
Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2020. The corporation also
Special Deductions and Limitations (LO 11.3)
Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2020. The corporation also has $42,300 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent.
Below is the Dividends Received Deduction table to use for this problem.
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c. Assume that instead of $423,000, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020. $fill in the blank
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