Problem 11 5 (Algorithmic) Special Deductions and Limitations (LO 11 3) Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2018 The corporation also has $42,300 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 Below is the Dividends Received Deduction table to use for this problem Percent Ownership 2018 Dividends Received Percentage Less than 20 percent 50 20 percent or more, but less than 80 percent 65 80 percent or more 100 If require, round final answers to the nearest dollar a Calculate the corporation's dividends received deduction for 2018 $ Feedback b Assume that instead of $423,000, Fisafolia Corporation has gross income from operations of $317,250 Calculate the corporation's dividends received deduction for 2018 $ Feedback c Assume that instead of $423,000, Fisafolia Corporation has gross income from operations of $350,000 Calculate the corporations dividends received deduction for 2018 $

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Question: Problem 11-5 (Algorithmic) Special Deductions and Limitations (LO 11.3) Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2018.

Problem 11-5 (Algorithmic) Special Deductions and Limitations (LO 11.3)

Fisafolia Corporation has gross income from operations of $423,000 and operating expenses of $359,550 for 2018. The corporation also has $42,300 in dividends from publicly traded domestic corporations in which the ownership percentage was 45%.

Below is the Dividends Received Deduction table to use for this problem.

Percent Ownership	2018 Dividends Received Percentage
Less than 20 percent	50%
20 percent or more, but less than 80 percent	65%
80 percent or more	100%

If require, round final answers to the nearest dollar.

a. Calculate the corporation's dividends received deduction for 2018. $

Feedback

b. Assume that instead of $423,000, Fisafolia Corporation has gross income from operations of $317,250.

Calculate the corporation's dividends received deduction for 2018. $

Feedback

c. Assume that instead of $423,000, Fisafolia Corporation has gross income from operations of $350,000. Calculate the corporations dividends received deduction for 2018. $

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