Genny, Inc. received $80,000 in dividends during 2007 from its stock investment in CaryCompany. How much of the dividends are excluded from Genny's taxable income?Select one:a.$56,000b.$24,000C. $80,000d. None

Dividend exclusion refers to an internal revenue services provision that allows corporation to…

Answered: Genny, Inc. received $80,000 in…

Genny, Inc. received $80,000 in dividends during 2007 from its stoc Company. How much of the dividends are excluded from Genny's tax Select one: a. $56,000 b. $24,000 C. $80,000 d. None

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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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

Genny, Inc. received $80,000 in dividends during 2007 from its stock investment in Cary
Company. How much of the dividends are excluded from Genny's taxable income?
Select one:
a.
$56,000
b.
$24,000
C. $80,000
d. None

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