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How much is purple corporations dividend received deduction

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Reference no: EM132715325

Question: Purple Corporation owns 70% of the stock of White Corporation, which pays it a dividend of $100,000. Purple Corporation also owns 10% of the stock of Black Corporation, which pays it a $40,000 dividend. Assuming the taxable income limitation does not apply, how much is Purple Corporation's dividend received deduction for the year?

Reference no: EM132715325

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