Gains Inc. had a balance in its capital dividend account of $150,000 at January 1, 2020. During the 2020 year, the company had a taxable capital gain of$50,000, allowable capital losses of $30.000, received a capital dividend of $35.000 from a subsidiary, and paid eligible dividends of $45,000. OnNovember 15, 2020, a capital dividend of $32,000 was paid, and the appropriate election was filed. What is the balance in the capital dividend accountat December 31, 2020?O A S203,000O B. $173,000OC. $128.000O D. $138,000

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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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