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CER - devry -Acct424Week 3 Quiz2

CER - devry -Acct424Week 3 Quiz2 - Grade Details 1...

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Grade Details 1. Question: (TCO 6) A parent-subsidiary controlled group exists when one corporation: Your Answer: Owns 100 percent of the voting power and stock value of another  corporation Owns at least 80 percent of the voting power or stock value of  another corporation. CORREC T Owns at least 80 percent of the stock value of another corporation Owns at least 80 percent of voting power of another corporation. None of the above. Instructor Explanation: A parent-subsidiary controlled group exists when one corporation owns at least 80 percent of  the voting power or stock value of another corporation.   Points Received: 2 of 2 2. Question: (TCO 6) ParentCo's separate taxable income was $350,000, and SubCo's was $225,000.  Consolidated taxable income before contributions was $400,000.  Charitable contributions  made by the affiliated group included $15,000 by ParentCo and $20,000 by SubCo.   Compute the group's charitable contribution deduction.
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