Rocco Corporation, a C corporation, owns 60% of the stock of Bien Corporation. Bien Corporation is a French corporation which conducts all of its business in France. Bien pays a $100,000 dividend to Rocco Coorporation. Rocco Corporation will have a 100% dividend received deduction on these dividends, resulting no tax on these dividends.
Answer the following statement true (T) or false (F)
True
A domestic C corporation is entitled to a 100% dividends received deduction for dividends received from a foreign subsidiary in which they have a 10% or greater interest when the subsidiary has only foreign income.
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What will be an ideal response?