Owned domestic corporation

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Reference no: EM13905737

Smith, Inc. had gross receipts from operations of $200,000, operating and other expenses of $310,000, and dividends received from a 65 percent-owned domestic corporation of $120,000. Hoover's tax position for the year is:

$10,000 taxable income.

$86,000 net operating loss.

$40,000 taxable income.

$110,000 net operating loss.

Reference no: EM13905737

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