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True or False Provide reasoning. 4) Smith Corporation, a U.S. C corporation, owns 25% of Avanti Corporation, an Italian corporation that earns all of its

True or False Provide reasoning. image text in transcribed

4) Smith Corporation, a U.S. C corporation, owns 25% of Avanti Corporation, an Italian corporation that earns all of its income in Europe. Smith Corporation will not be allowed a deduction for dividends received from Avanti

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