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Cardinal Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds a 10% interest. Cardinal also receives interest income of $35,000 from municipal bonds. (The municipality used the proceeds from the bond issue to construct a library.) Cardinal borrowed funds to purchase the municipal bonds and pays $20,000 of interest on the loan. Excluding these items, Cardinal's taxable income is $500,000.

a. After these items are taken into account, Cardinal Corporation's taxable income is

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91580852

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