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Hoover, Inc. had gross receipts from operations of $230,000, operating and other expenses of $310,000, and dividends received from a 45 percent-owned domestic corporation of $120,000. Hoover's tax position for the year is:

a) $8,000 taxable income.

b) $56,000 net operating loss.

c) $40,000 taxable income.

d) $80,000 net operating loss.

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  • Reference No.:- M998515

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