During the current year,Goose Corporation (a calendar year,cash basis taxpayer)receives cash dividends as follows: Ownership
Source of Dividends Percentage Dividends
Emu Corporation 90% $90,000
Robin Corporation 21% 60,000
Crane Corporation 10% 30,000
Presuming the taxable income limitation does not apply,Goose Corporation's dividends received deduction for the current year is:

Question

Quizplus · Accepted Answer

Depending on the percentage of ownership,the calculation follows: $90,000 for Emu (100% × $90,000)+ $48,000 for Robin (80% × $60,000)+ $21,000 for Crane (70% × $30,000)= $159,000.

During the Current Year,Goose Corporation (A Calendar Year,cash Basis Taxpayer)receives