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dividends-received deduction

dividends-received deduction

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marathon Incorporated (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows: • $5,000 to Guy, a 5 percent individual shareholder. • $15,000 to Little Rock Corporation, a 15 percent shareholder (C corporation). • $80,000 to other shareholders. Complete Form 1120 Schedule C for Little Rock Corporation to reflect its dividends-received deduction (use the most recent Form 1120 Schedule C available). (Use the 2021 tax rules regardless of the year on the form.)
Transcribed Image Text:Marathon Incorporated (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows: • $5,000 to Guy, a 5 percent individual shareholder. • $15,000 to Little Rock Corporation, a 15 percent shareholder (C corporation). • $80,000 to other shareholders. Complete Form 1120 Schedule C for Little Rock Corporation to reflect its dividends-received deduction (use the most recent Form 1120 Schedule C available). (Use the 2021 tax rules regardless of the year on the form.)
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