Problem 11-4 Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations...
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Accounting
Problem 11-4 Special Deductions and Limitations (LO 11.3)
Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for the current year. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45%.
Below is the Dividends Received Deduction table to use for this problem.
Percent Ownership
Dividends Received Deduction Percentage
Less than 20%
70%
20% or more, but less than 80%
80%
More than 80%
Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for the current year.
100%
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