Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year.   Crane Loon Gross income from operations $283,500   $453,600   Expenses from operations 396,900   476,280   Dividends received from domestic corporations (15% ownership) 170,100   340,200     Click here to access the dividends received deduction table. a.  Compute the dividends received deduction for Crane Corporation. b.   Compute the dividends received deduction for Loon Corporation.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year.

  Crane Loon
Gross income from operations $283,500   $453,600  
Expenses from operations 396,900   476,280  
Dividends received from domestic corporations (15% ownership) 170,100   340,200  

 

Click here to access the dividends received deduction table.

a.  Compute the dividends received deduction for Crane Corporation.

b.   Compute the dividends received deduction for Loon Corporation.

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