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What is snow corporation dividends-received deduction

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Reference no: EM132944395

Problem 1: Snow Corporation owns a 20% interest in Hail Corporation, a domestic corporation. For 2019, Snow Corporation had gross receipts of $390,000, operating expenses of $400,000, and dividend income of $120,000 from Hail Corporation. The dividends were not from debt-financed portfolio stock. What is Snow Corporation's dividends-received deduction for 2019?

a. $78,000
b. $24,000
c. $71,500
d. $60,000

Reference no: EM132944395

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