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Company abc inherited the xyz stock last year from a major

Question - Company ABC, is an exempt medical organization. XYZ, Inc., a sporting goods retailer, is a wholly owned subsidiary of Company ABC. Company ABC inherited the XYZ stock last year from a major benefactor of the medical organization. XYZ's taxable income is $550,000. XYZ will remit all of its earnings, net of any taxes, to Company ABC to support the exempt purpose of the parent.

What is XYZ's Federal income tax liability?

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Accounting Basics: Company abc inherited the xyz stock last year from a major

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