Question: 107 from chapter 14 Comprehensive Problem. Last year, Intrepid Corporations tax return revealed the following items: Dividends from 20 percent owned domestic corporations $60,000 Gross

107 from chapter 14 Comprehensive Problem.

Last year, Intrepid Corporations tax return revealed the following items:

Dividends from 20 percent owned domestic corporations

$60,000

Gross income from services rendered

300,000

Miscellaneous expenses

250,000

Long-term capital gains

30,000

Net operating loss carryforward

15,000

Charitable contributions

20,000
  1. What is Intrepids dividends-received deduction?
  2. What is the charitable contribution deduction?
  3. What is the taxable income for the year?

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