In the Current Year, Crimson, Inc

question 53

Multiple Choice

In the current year, Crimson, Inc., a calendar C corporation, has income from operations of $180,000 and operating deductions of $225,000. Crimson also had $30,000 of dividends from a 15% stock ownership in a domestic corporation. Which of the following statements is correct with respect to Crimson for the current year?

• A) Crimson's NOL is $15,000.
• B) A dividends received deduction is not allowed in computing Crimson's NOL.
• C) The NOL is carried back 3 years and forward 10 years by Crimson.
• D) Crimson's dividends received deduction is $15,000.
• E) None of these.

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