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Which of the statements is correct

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Question - Purple Corporation, which owns stock in Taupe Corporation, had net operating income of $225,000 for the year. Taupe pays Purple a dividend of $80,000. Purple takes a dividend received deduction of $80,000. Which of the following statements is correct?

a. Purple owns less than 20% of Taupe

b. Purple owns 20% or more, but less than 80%, of Taupe

c. Purple owns less than 80% of Taupe

d. Purple owns more than 80% of Taupe

Reference no: EM132591294

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