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Calculate abc dividends received deduction for the current

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Problem 1: ABC Company owns 40 percent of JMT Company and 95 percent of DEM Company. JMT pays an $80,000 dividend to ABC and DEM pays a $40,000 dividend to ABC in the current year. Assuming that ABC has $1,000,000 of taxable income, calculate ABC's dividends received deduction for the current year.

a. $92,000
b. $80,000
c. $104,000
d. $120,000
e. None of these choices are correct.

Reference no: EM132894337

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