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Parent Corp. owns 15% of Sub Corp. Parent has gross income of $43,000 and allowable...

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Accounting

  1. Parent Corp. owns 15% of Sub Corp. Parent has gross income of $43,000 and allowable deductions of $40,000 before considering any dividends received deduction (DRD). Included in the $43,000 gross income is $8,000 in dividends from Sub. What is the maximum DRD available to Parent?
    1. $1,500
    2. $1,950
    3. $4,000
    4. $8,000

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