I understand that for affiliated(80%) and unaffiliated(70%) dividends received is taxed at 15% while the remaining is taxed fully at 35%.
What I am unsure about is what happens for the controlled dividends, Odomirok says "dividend income received is 100% exempt from tax" (pg 330).
Does this mean that 100% is subject to 15% or that all dividends received are free of tax?
What I am unsure about is what happens for the controlled dividends, Odomirok says "dividend income received is 100% exempt from tax" (pg 330).
Does this mean that 100% is subject to 15% or that all dividends received are free of tax?
dividends-received deduction (DRD)
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