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Corporations: Dividends, Retained Earnings, and Income Reporting Practice Test

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Q1

For the current year, The Echo Company possessed the following income:

$\textup{Profit from operations}=\$110\textup{,}000$

$\textup{Dividends from 20%-owned taxable domestic operation}=\$1\textup{,}100$

In the Echo Company's current year taxable income, how much should be included for dividends received?

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