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Mill Corporation has the following income and expense items for the year: ...

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Question

Accounting

Mill Corporation has the following income and expense items for the year:

Gross receipts from sales

$80,000

Dividends received from 15%-owned domestic corporation

20,000

Cost of Good Sold

10,000

Rent Expense

20,000

Compute the taxable income of Mill Corporation.

Please show work

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