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Unformatted text preview: e dividend received. In a consolidated return, 100% of
the dividend is eliminated.
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Becker CPA Review, PassMaster Questions
Lecture: Regulation 3 Choice "c" is incorrect. This answer is 70% of the dividend received. In a consolidated return, 100% of
the dividend is eliminated. CPA-02150 Type1 M/C A-D Corr Ans: C PM#73 R 3-01 55. CPA-02150 PII May 93 #45 Page 22
In 19X2, Garland Corp. contributed $40,000 to a qualified charitable organization. Garland's 19X2
taxable income before the deduction for charitable contributions was $410,000. Included in that amount
is a $20,000 dividends received deduction. Garland also had carryover contributions of $5,000 from the
prior year. In 19X2, what amount can Garland deduct as charitable contributions?
Choice "c" is correct. The charitable contribution deduction is limit...
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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.
- Fall '10
- The Land