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This year, Napa Corporation received the following dividends: KLP Inc. (a taxable Delaware corporation in which Napa holds an 8% stock interest)$55,000Gamma Inc. (a taxable
This year, Napa Corporation received the following dividends:
KLP Inc. (a taxable Delaware corporation in
which Napa holds an 8% stock interest)$55,000Gamma Inc. (a taxable Florida corporation in
which Napa holds a 90% stock interest)120,000
Required:
Napa and Gamma do not file a consolidated tax return. Compute Napa's dividends-received deduction.
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