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The Dawg corporation owns 17% of Company A and 24% of Company B. Dividends received from Company A were $142,000 and from ComFlips Pizzeria Inc. has the following financial items for the current year: Advertising Expenses $45,000 Cost of Goods Sold

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Calculation of dwag's taxable income. Adjusted taxable income $2000000. Add dividend from company A $142000. Add dividend from company B $ 239000. Net Taxable income $ 2381000. Calculation of taxable income of Flip's. Sales - cost of goods sold - advertisement expenses - other operating expenses - depreciation. ($2085000 - $390000 - $45000 - $ 305000 - $37500) = $1307500

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