Homework Answers
Sales = $60,000
Add: dividend income = $40,000
Gross income =$100,000
less: Expenses = $30,000
Taxable income before DRD = $70,000
Less: 70% DRD (40,000*0.70) = $28,000
Taxable Income = $42,000
Therefore, taxable income of Island corporation = $42,000
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