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This year, Sonoma Corporation received the following dividends: Alpha, Inc. (a taxable Florida corporation in which Sonoma owns a 5% stock interest) $ 30,000 Beta,
This year, Sonoma Corporation received the following dividends:
Alpha, Inc. (a taxable Florida corporation in which Sonoma owns a 5% stock interest) $ 30,000
Beta, Inc. (a taxable Mexican corporation in which Sonoma owns a 25% stock interest) 20,000
Gamma, Inc. (a taxable Texas corporation in which Sonoma owns a 50% stock interest) 50,000
Before considering the above dividends, Sonoma has taxable income of $550,000. Calculate Sonoma's allowable dividends-received deduction and taxable income.
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