S treasury notes municipal bonds total interest 18000

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Unformatted text preview: ,430) $(14,550) CPA-04373 Explanation Choice "F" is correct. $2,700. Dividends received from a domestic corporation qualify for the dividends received deduction. A real estate investment trust does not qualify as a domestic corporation. As a result, the entire $2,700 paid by the Real Estate Investment Trust is included in Ral's income. 83 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Maxixishere Pdf Collection Becker CPA Review, PassMaster Questions Lecture: Regulation 3 CPA-04374 Type1 M/C 146. CPA-04374 A-R Corr Ans: A PII May 92 #5 (Adapted) 11 PM#52 R 3-99 Page 3 Following is Ral Corp.'s condensed income statement, before federal income tax, for the year ended December 31, 1993: Sales Cost of sales Gross profit Operating expenses Operating income Other income (loss): Interest Dividends Net long-term capital loss Income before federal income tax $1,000,000 (700,000) 300,000 (220,000) 80,000 $5,200 19,200 (6,400) Additional information: Interest arose from the following...
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This note was uploaded on 06/14/2013 for the course ACCOUNTING Regulation taught by Professor Becker during the Fall '10 term at Keller Graduate School of Management.

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