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Island Corporation has the following income and expense items for the year.   Gr

Island Corporation has the following income and expense items for the year.   Gross receipts from sales                                                                           $60,000 Dividends received from 15%-owned domestic corporation                  40,000 Expenses connected with sales                                                                 30,000   The taxable income of Island Corporation is…

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Maxwell Corporation reports the following results:   Gross income from operation

Maxwell Corporation reports the following results:   Gross income from operations                                                                  $ 90,000 Dividends received from 18%-owned domestic corporation                   70,000 Expenses                                                                                                        100,000   Maxwell's dividends-received deduction is A) $42,000 B) $49,000 C) $56,000 D) $70,000

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