Shao, Incorporated, a Tennessee corporation, conducts business in South America through two foreign corporations, Shao-Col,...
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Shao, Incorporated, a Tennessee corporation, conducts business in South America through two foreign corporations, Shao-Col, Incorporated and Shao-Per, Incorporated Shao formed Shao-Col six years ago and owns 100 percent of its stock. Shao-Per was formed six months ago and Shao owns 50 percent of its stock. In addition, Shao owns 7 percent of the stock of Albi, Incorporated, a French corporation. This year, Shao recognized the following dividend distributions from the three foreign corporations:
| Shao-Col, Incorporated | $ 291,000 |
|---|---|
| Shao-Per, Incorporated | 263,000 |
| Albi, Incorporated | 120,000 |
Required:
- Compute Shaos allowable dividends-received deduction with respect to each dividend.
- Compute Shaos net dividend income.
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