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Determine X co.'s current charitable contribution and charitable contribution deduction in 20X2, and charitable contribution carry forward.
2.During 20X5, X co. had the following income and expenses:
Gross income from operations$3,000,000
Business expenses<1,400,000>
Dividends received from Y co. (32% owned by X co.)400,000
Capital gains150,000
Capital loss carry forward<183,000>
Net operating loss carry forward<25,000>
a.Determine X co.'s dividends received deduction in 20X5?
b.Determine X co.'s dividends received deduction in 20X5 assuming that there was no NOL carry forward and X co.'s business expenses were:
(i) $3,050,000 or (ii) $3,200,000
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