(Solution) - During the current year Swallow Corporation a calendar year C -(2025 Original AI-Free Solution)

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During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions:
Income from operations ............. $660,000
Expenses from operations ............ 720,000
Dividends received from Brown Corporation ..... 240,000
a. Swallow Corporation owns 12% of Brown Corporation?s stock. How much is Swallow?s taxable income or NOL for the year?
b. Assume instead that Swallow Corporation owns 26% of Brown Corporation?s stock. How much is Swallow?s taxable income or NOL for the year?