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QUESTION
This year, Sonoma Corporation received the following dividends: Alpha, Inc. (a taxable Florida corporation in which Sonoma owns a 5% stock interest)...
This year, Sonoma Corporation received the following dividends:Alpha, Inc. (a taxable Florida corporation in which Sonoma owns a 5% stock interest) $30,000Beta, Inc. (a taxable Mexican corporation in which Sonoma owns a 25% stock interest) $20,000Gamma, Inc (a taxable Texas corporation in which Sonoma owns a 50% stock interest) $50,000Before considering the above dividends, Sonoma has taxable income of $550,000. Calculate Sonoma's allowable dividends-received deduction and final taxable income?
