Business, 05.05.2020 01:44 shoreelinee1337

Dixie Inc., a Tennessee corporation, conducts business in South America through two foreign corporations, Dix-Col Inc. and Dix-Per Inc. Dixie formed Dix-Col six years ago and owns 100 percent of its stock. Dix-Per was formed six months ago and Dixie owns 50 percent of its stock. In addition, Dixie owns 7 percent of the stock of Albi, Inc., a french corporation. This year, Dixie recognized the following dividend distributions from the three foreign corporations: Dix-Col Inc. Dix-Per Inc. Albi Inc. $294,000 268,500 122,000 a. Compute Dixie's allowable dividends-received deduction with respect to each dividend. b. Compute Dixie's net dividend income.

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Dixie Inc., a Tennessee corporation, conducts business in South America through two foreign corporat...