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How much is swallow taxable income or nol

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During the current year, Swallow Corporation, a calendar-year C corporation, has the following transactions:

Income from operations$660,000

Expenses from operations760,000

Dividends received from Brown Corporation 240,000

Problem a. Swallow Corporation owns 12% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year?

Problem b. Assume instead that Swallow Corporation owns 26% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year?

Reference no: EM132765672

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