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Business, 14.05.2021 05:10 iibabycarrotsii

ABC Company owns 40 percent of JMT Company and 95 percent of DEM Company. JMT pays an $80,000 dividend to ABC and DEM pays a $40,000 dividend to ABC in the current year. Assuming that ABC has $1,000,000 of taxable income, calculate ABC's dividends received deduction for the current year. a.$80,000 b.$104,000 c.$92,000 d.$120,000 e. None of these choices are correct.

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ABC Company owns 40 percent of JMT Company and 95 percent of DEM Company. JMT pays an $80,000 divide...
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