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Problem - Crane and Loon corporations, two unrelated calendar year C corporations, have the following transactions for the current year:
Crane
Loon
Gross income from operations
$180,000
$300,000
Expenses from operations
255,000
310,000
Dividends received from domestic corporations (15% ownership)
100,000
230,000
Required -
a. Compute the dividends received deduction for Crane Corporation.
b. Compute the dividends received deduction for Loon Corporation.
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