Parrot, Owl and Heron Corporations, 3 unrelated calendar year corps., have the following info for the year (2020). Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends. Parrot Owl Heron Gross income from operations $700,000 $800,000 $900,000 Expenses from operations (600,000) (860,000) (910,000) Divs received from corporations-less than 20% 100,000 100,000 100,000 What is the amount of the dividend received deduction for Parrot Corporation, a calendar year C Corporation?
Parrot, Owl and Heron Corporations, 3 unrelated calendar year corps., have the following info for the year (2020). Assume that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends.
Parrot
Owl
Heron
Gross income from operations
$700,000
$800,000
$900,000
Expenses from operations
(600,000)
(860,000)
(910,000)
Divs received from corporations-less than 20%
100,000
100,000
100,000
What is the amount of the dividend received deduction for Parrot Corporation, a calendar year C Corporation?
Dividend is the amount of income earned by the stockholders in return for their investment. It is the distribution of profits earned during a specified period. The payment is made generally in the form of cash. Dividend account is of temporary nature. It is maintained until the dues have been cleared.
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