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fisafolia corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2021. the corporation also has $30,000 in dividends from publicly-traded domestic corporations in which the ownership percentage was 45 percent. below is the dividends received deduction table to use for this problem. percent ownership 2021 dividends received percentage less than 20 percent 50% 20 percent or more, but less than 80 percent 65% 80 percent or more 100% question content area a. calculate the corporation's dividends received deduction for 2021. $fill in the blank f0bf61f59ffefd5 1 question content area b. assume that instead of $210,000, fisafolia corporation has gross income from operations of $135,000. calculate the corporation's dividends received deduction for 2021. $fill in the blank 3ca302f2d04f04c 1 question content area c. assume that instead of $210,000, fisafolia corporation has gross income from operations of $158,000. calculate the corporation's dividends received deduction for 2021. $fill in the blank 1156b3025050fb3 1

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tutorconsortium609

The corporation's dividends received deduction for the current year is $19,500.

Fisafolia Corporation's gross income before dividends received deduction for 2021 is $3250.

What is a gross income?

  • Your salary, dividends, capital gains, company revenue, retirement payouts and other sources of income are all included in your gross income.
  • Adjustments to income can be made for things like tuition costs, interest on student loans, alimony payments or contributions to retirement accounts.

How to calculate?

The corporation's dividends received deduction for the current year,

The given data is,

Gross income from operations =$210,000

Operating expenses = $160,000

Dividends=$30,000

Ownership percentage=65%

=$30,000 x 65% = $19,500

or

$210,000  - 160,000 +30,000 = 80,000

80,000 x 65% = $52,000.

Fisafolia Corporation's gross income before dividends received deduction,

gross income from operations = $135,000

=135,000-160,000 +30,000 =$5,000

=5,000 x 65%

= $3250.

The corporation's dividends received deduction for the current year is $19,500.

Fisafolia Corporation's gross income before dividends received deduction for 2021 is $3250.

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