The allowed dividends-received deduction is
Montage Corporation has the following income and expense items during the current year:
A) $120,000.
B) $234,000.
C) $156,000.
D) $240,000.
C) $156,000.
65% × $240,000 = $156,000. The deduction limitation is $234,000 (65% × $360,000). Since this amount exceeds the computation under the general rule, the entire $156,000 dividends received deduction is allowed.
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