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Problem - Cordeio, Inc., is a CFC for the entire tax year (not a leap year). Yancy Company, a U.S. corporation, owns 75% of Cordeio's one class of stock for the entire year. Subpart F income is $450,000, and no distributions have been made during the year. Both entities use the calendar tax year.
Required -
a. What amount does Yancy include in gross income as a constructive dividend for the tax year?
b. Assume that Cordeio is a CFC until March 1 of the calendar tax year. What amount does Yancy include in gross income as a constructive dividend for the tax year?
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