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Marathon Inc. (a C corporation) reported $1,000,000 of taxable income in the current year. During the year, it distributed $100,000 as dividends to its shareholders as follows: •   $5,000 to Guy, a 5 percent individual shareholder.•   $15,000 to Little Rock Corp. a 15 percent shareholder (C corporation).•   $80,000 to other shareholders.  1.award:10 out of10.00 points  a.How much of the dividend payment did Marathon deduct in determining its taxable income? (Omit the “$” sign in your response.)  Amount deductible$ 0   b.Assuming Guy’s marginal ordinary tax rate is 35 percent, how much tax will he pay on the $5,000 dividend he received from Marathon Inc.? (Omit the “$” sign in your response.)  Amount deductible$ 750   c.Assuming Little Rock Corp.’s marginal tax rate is 34 percent, what amount of tax will it pay on the $15,000 dividend it received from Marathon Inc. (70 percent dividends received deduction)? (Omit the “$” sign in your response.)  Amount deductible$ 1,530    

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Form 1120 (2011)

Page 2
Schedule C Dividends and Special Deductions (see instructions) (a) Dividends

received
(b) %

(c) Special deductions
(a) × (b)

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1

Dividends from less-than-20%-owned domestic corporations (other than debt-financed
stock) . . . . . . . . . . . . . . . . . . . . . . . .

2

Dividends from 20%-or-more-owned domestic corporations (other than debt-financed
stock) . . . . . . . . . . . . . . . . . . . . . . . .

3 Dividends on debt-financed stock of domestic and foreign corporations . . . . .

4 Dividends on certain preferred stock of less-than-20%-owned public utilities . . .

5 Dividends on certain preferred stock of 20%-or-more-owned public utilities . . . .

6 Dividends from less-than-20%-owned foreign corporations and certain FSCs . . .

7 Dividends from 20%-or-more-owned foreign corporations and certain FSCs . . .

8 Dividends from wholly owned foreign subsidiaries . . . . . . . . . . .

9 Total. Add lines 1 through 8. See instructions for limitation . . . . . . . .

10

Dividends from domestic corporations received by a small business investment
company operating under the Small Business Investment Act of 1958 . . . . .

11 Dividends from affiliated group members . . . . . . . . . . . . . .

12 Dividends from certain FSCs . . . . . . . . . . . . . . . . .

13 Dividends from foreign corporations not included on lines 3, 6, 7, 8, 11, or 12 . . .

14 Income from controlled foreign corporations under subpart F (attach Form(s) 5471) .

15 Foreign dividend gross-up . . . . . . . . . . . . . . . . . .

16 IC-DISC and former DISC dividends not included on lines 1, 2, or 3 . . . . . .

17 Other dividends . . . . . . . . . . . . . . . . . . . . .

18 Deduction for dividends paid on certain preferred stock of public utilities . . . .

19 Total dividends. Add lines 1 through 17. Enter here and on page 1, line 4 . . . ▶

20 Total special deductions. Add lines 9, 10, 11, 12, and 18. Enter here and on page 1, line 29b . . . . . . . ▶

Form 1120 (2011)

  1. topmostSubform[0]:
  2. Page2[0]:
    #subform[2]:
    Line1[0]:
    f2_20_0_[0]:
    Ln1_70[0]: 70
    f2_21_0_[0]:
    Line2[0]:
    f2_22_0_[0]:
    Ln2_80[0]: 80
    f2_23_0_[0]:
    Line3[0]:
    f2_24_0_[0]:
    SeeInstructions[0]: see
    instructions
    f2_25_0_[0]:
    Line4[0]:
    f2_26_0_[0]:
    Ln4_42[0]: 42
    f2_27_0_[0]:
    Line5[0]:
    f2_28_0_[0]:
    Ln5_48[0]: 48
    f2_29_0_[0]:
    Line6[0]:
    f2_30_0_[0]:
    Ln6_70[0]: 70
    f2_31_0_[0]:
    Line7[0]:
    f2_32_0_[0]:
    Ln7_80[0]: 80
    f2_33_0_[0]:
    Line8[0]:
    f2_34_0_[0]:
    Ln8_100[0]: 100
    f2_35_0_[0]:
    Line9[0]:
    f2_36_0_[0]:
    Line10[0]:
    f2_37_0_[0]:
    Ln10_100[0]: 100
    f2_38_0_[0]:
    Line11[0]:
    f2_39_0_[0]:
    Ln11_100[0]: 100
    f2_40_0_[0]:
    Line12[0]:
    f2_41_0_[0]:
    Ln12_100[0]: 100
    f2_42_0_[0]:
    Line13[0]:
    f2_43_0_[0]:
    Line14[0]:
    f2_44_0_[0]:
    Line15[0]:
    f2_45_0_[0]:
    Line16[0]:
    f2_46_0_[0]:
    Line17[0]:
    f2_47_0_[0]:
    Line18[0]:
    f2_48_0_[0]:
    Line19[0]:
    f2_49_0_[0]:

    f2_50_0_[0]:

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