Multiple Choice
Valmont owns 98% of the stock of Barnes Corporation, a manufacturer. During the current year, Barnes has operating income of $64,000, interest income of $10,000 from investments, and passive losses from investments in limited partnerships of $20,000. Barnes Corporation pays $12,000 in dividends. What is Barnes' taxable income for the current year?
A) $34,000
B) $48,600
C) $54,000
D) $62,000
E) $74,000
Correct Answer:
Verified
Correct Answer:
Verified
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