Parrot, Owl and Heron Corporations, 3 unrelated calendar year corps., have the following info for the year (2020). Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends.     Parrot Owl Heron Gross income from operations $700,000 $800,000 $900,000 Expenses from operations (600,000) (860,000) (910,000) Divs received from corporations-less than 20% 100,000 100,000 100,000           What is the amount of the dividend received deduction for Parrot Corporation, a calendar year C Corporation?

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter5: Business Deductions
Section: Chapter Questions
Problem 17P
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Parrot, Owl and Heron Corporations, 3 unrelated calendar year corps., have the following info for the year (2020). Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends.  

 

Parrot

Owl

Heron

Gross income from operations

$700,000

$800,000

$900,000

Expenses from operations

(600,000)

(860,000)

(910,000)

Divs received from corporations-less than 20%

100,000

100,000

100,000

 

 

 

 

 

What is the amount of the dividend received deduction for Parrot Corporation, a calendar year C Corporation? 

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