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. Percent Ownership 2020 Dividends Received Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% 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. Percent Ownership 2020 Dividends Received Percentage Less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% 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.
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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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.
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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.
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