Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of $362,610 for 2020. The corporation also has $42,660 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem. 2020 Dividends Percent Ownership Received Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% If require, round final answers to the nearest dollar. a. Calculate the corporation's dividends received deduction for 2020. b. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $319,950. Calculate the corporation's dividends received deduction for 2020. c. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020.

Fisafolia Corporation has gross income from operations of $426,600 and operating expenses of $362,610 for 2020. The corporation also has $42,660 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. Below is the Dividends Received Deduction table to use for this problem. 2020 Dividends Percent Ownership Received Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% If require, round final answers to the nearest dollar. a. Calculate the corporation's dividends received deduction for 2020. b. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $319,950. Calculate the corporation's dividends received deduction for 2020. c. Assume that instead of $426,600, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporation's dividends received deduction for 2020.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...

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