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Dvidends received from a 70 percent-owned corporation

Problem - Corporations had the following income and expenses during the current taxable year:

Income from operations $250,000

Expenses from operations $120,000

Dividends received (from a 70 percent-owned corporation)) $ 80,000

Cash charitable contributions $ 30,000

How much is Corporation's charitable contribution deduction for the current taxable year?

a. $14,600.

b. $21,000.

c. $26,000.

d. $30,000.

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Accounting Basics: Dvidends received from a 70 percent-owned corporation

Reference No:- TGS02627339

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