Jason and Jon Corporations Are Members of an Affiliated Group

question 62

Essay

Jason and Jon Corporations are members of an affiliated group whose taxable incomes (before dividends)are $90,000 and $100,000,respectively.Jason Corporation owns all of the Jon stock.Jon Corporation received a dividend from a less-than-20%-owned corporation of $9,900 and $25,000 from a 100%-owned nonconsolidated insurance company.Jon Corporation distributed a $40,000 dividend to Jason Corporation.Jason Corporation also received dividends from a 25%-owned corporation of $9,500.The consolidated dividends-received deduction for federal income tax purposes is what?

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Definitions:

Rapid Eye Movements

Are quick, jerky movements of the eyes that occur during REM sleep, a stage associated with vivid dreaming.

Alpha Waves

Brain waves detected by an EEG that represent a state of wakeful relaxation.

Motor Cortex

A region of the cerebral cortex involved in planning, controlling, and executing voluntary motor functions.

Brainstem

The part of the brain connecting the spinal cord with the forebrain and cerebrum, responsible for autonomic functions necessary for survival.