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8) Cricket Inc. is a calendar year C corporation. In 2020 it had the following transactions: Income from Operations $440,000 Expenses from Operations 575,000 Dividends

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8) Cricket Inc. is a calendar year C corporation. In 2020 it had the following transactions: Income from Operations $440,000 Expenses from Operations 575,000 Dividends received from Butterfly Inc. 225,000 a. Cricket Inc. owns 15% of Butterfly Inc.'s stock. Calculate Cricket Inc.'s taxable income or NOL for 2020. b. Assume now that Cricket Inc. owns 29% of Butterfly Inc.'s stock. Calculate Cricket Inc.'s taxable income or NOL for 2020, 8) Cricket Inc. is a calendar year C corporation. In 2020 it had the following transactions: Income from Operations $440,000 Expenses from Operations 575,000 Dividends received from Butterfly Inc. 225,000 a. Cricket Inc. owns 15% of Butterfly Inc.'s stock. Calculate Cricket Inc.'s taxable income or NOL for 2020. b. Assume now that Cricket Inc. owns 29% of Butterfly Inc.'s stock. Calculate Cricket Inc.'s taxable income or NOL for 2020

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