Present, Inc., a domestic corporation, owns 60% of the stock of Past, Inc., a foreign corporation.For the current year, Present receives a dividend of $80,000 from Past.Past's pools of E & P (after taxes) and foreign taxes are $4,000,000 and $500,000, respectively.What is Present's total gross income from this dividend if it elects to claim the FTC for deemed-paid foreign taxes?

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The Answer of Present, Inc., a domestic corporation, owns 60% of the stock of Past, Inc., a foreign corporation.For the current year, Present receives a dividend of $80,000 from Past.Past's pools of E & P (after taxes) and foreign taxes are $4,000,000 and $500,000, respectively.What is Present's total gross income from this dividend if it elects to claim the FTC for deemed-paid foreign taxes?