Reference no: EM132677147
Problem -
1. During 2019, Fraxinia Corporation has the following income and expenses:
Gross income from operations, excluding dividends $90,000
Expenses from operations 100,000
Dividends received from a 25 percent-owned domestic corporation 70,000
Calculate the amount of Fraxinia Corporation's dividends received deduction.
2. Boyce Inc., a calendar year corporation, incurred organizational costs of $13,000 and start-up costs of $52,000 in 2019. Boyce started business on August 3, 2019. What is the maximum deduction for organizational and start-up costs for Boyce in 2019 and what is Boyce's 2020 deduction for the same costs?
3. Gant Corporation has income in 2019 of $95,000 before a dividends received deduction of $15,000 and a charitable contribution of $10,000. What is the deductible amount of the charitable contribution?
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