Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2012 The corporation also has $20,000 in dividends from publicly traded domestic corporations (ownership in all corporations was less than 20 percent) a Calculate the corporation 's dividends r...

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Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2012. The

Question:

Fisafolia has gross income from operations of $220,000 and operating expenses of $160,000 for 2012. The also has $20,000 in dividends from publicly traded domestic corporations (ownership in all corporations was less than 20 percent).
a. Calculate the corporation's dividends received deduction for 2012. $_________
b. Assume that instead of $220,000, Fisafolia has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2012. $_________
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...