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How much is raven corp dividends received deduction

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Reference no: EM133185551

Question - Raven Corporation, a C Corporation, reports the following items of income and expense for 2021:

Gross Revenue $800,000

Dividends Received (from 30% owned corp) 200,000

LTCG 30,000

STCL 12,000

City of Leawood Bond Interest 15,000

Cost of Goods Sold 275,000

Administrative Expenses 350,000

Charitable Contributions 60,000

Dividends Paid (to owners) 150,000

Required - In calculating 2021 taxable income -

1. How much (if any) of the STCL may Raven Corp deduct in 2021?

2. How much (if any) of the City of Leawood Bond Interest should Raven Corp include.

3. How much (if any) of the charitable contributions may Raven Corp deduct in 2021?

4. How much (if any) may Raven Corp deduct for dividends Raven Corp paid to shareholders in 2021?

5. How much is Raven Corp's dividends received deduction in 2021?

Reference no: EM133185551

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