Divinity Corp. generated $92,000 of ordinary income, net of ordinary business expenses, this year. It...
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Divinity Corp. generated $92,000 of ordinary income, net of ordinary business expenses, this year. It received a $22,000 dividend from a domestic corporation, which qualifies for a 50% dividends received deduction. Divinity also has a $13,000 charitable contribution deduction from donating noncash items. What is Divinity Corps taxable income, as reported on its Form 1120 this year?
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