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This Year, Sonoma Corporation Received the Following Dividends Before Considering the Above Dividends, Sonoma Has Taxable Income of \text

Question 90

Essay

This year, Sonoma Corporation received the following dividends:
Alpha, Inc. (a taxable Florida corporation in which Sonoma $30,000 owns a 58 stock interest) Beta, Inc. (a taxable Mexican corporation in which sonoma 20,000owns a 25% stock interest) Gamma, Inc. (a taxable Texas corporation in which Sonoma 50,000 owns a 50% stock interest) \begin{array}{llr} \text {Alpha, Inc. (a taxable Florida corporation in which Sonoma } &\$30,000\\ \text { owns a 58 stock interest)} &\\ \text { Beta, Inc. (a taxable Mexican corporation in which sonoma } &20,000\\ \text {owns a 25\% stock interest) } &\\ \text {Gamma, Inc. (a taxable Texas corporation in which Sonoma } &50,000\\ \text { owns a \( 50 \% \) stock interest) } &\\\end{array}

Before considering the above dividends, Sonoma has taxable income of $550,000. Calculate Sonoma's allowable dividends-received deduction and taxable income.

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