Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year....
Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year.
Crane Loon
Crane Loon Gross income from operations $286,000 $457,600
Expenses from operations 400,400 480,480
Dividends received from domestic corporations (15% ownership) 171,600 343,200
a. Compute the dividends received deduction for Crane Corporation. $_________
b. Compute the dividends received deduction for Loon Corporation. $_______
Homework Answers
Percentage of ownership < 20 % so the applicable 70% deduction
crane
corporation qualifies for loss rule treatment because subtarcting
70000 from the taxable income yields a loss
So crane corporation eligible for 70000 deduction
Therefore
Dividend deduction % for crane corporation 70000 and for loon corporation is 154000
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Crane and Loon Corporations, two unrelated C corporations, have
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