Problem
The following information pertains to Hull, Inc., a personal holding company, for the current year:
|
Undistributed personal holding company income
|
$100,000
|
|
Dividends paid during the current year
|
20,000
|
|
Consent dividends reported in the current year individual income tax returns of the holders of Hull's common stock, but not paid by Hull to its stockholders
|
10,000
|
In computing its current year personal holding company tax, what amount should Hull deduct for dividends paid?