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Whirly Bird Corporation, a calendar year corporation, had $346,000 gross income from business operations and $333,000 of allowable business expenses for its current tax year.
Whirly Bird Corporation, a calendar year corporation, had $346,000 gross income from business operations and $333,000 of allowable business expenses for its current tax year. Whirly Bird Corporation also received $37,000 in dividends (in addition to the income mentioned above) from other domestic taxable corporations in which Whirly Bird Corporation owned 50 percent of their outstanding stock. What is the amount of Whirly Bird Corporation's taxable income?
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