Miller Corporation has gross income of $100,000, which includes $60,000 of dividends from a 10%-owned corporation. In addition, Miller has $80,000 of expenses. Miller's taxable income or loss is
A) $20,000.
B) $6,000.
C) $0.
D) ($10,000).
D) ($10,000).
The dividends-received deduction of 50% of dividends received is not limited, since using the entire $20,000 amount will produce a NOL.
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