Scott,Inc. ,a domestic corporation,receives a dividend of $800,000 from a § 902 noncontrolled foreign corporation.Deemed-paid foreign taxes attributable to the dividend are $120,000.If Scott,Inc.elects the FTC,its gross income attributable to this dividend is $800,000.

Question

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The gross income attributable to the dividend includes both the dividend received and the deemed-paid foreign taxes, totaling $920,000.

Scott,Inc ,A Domestic Corporation,receives a Dividend of $800,000 from a §