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of <h1>Domestic Companies Can Deduct Dividends Received, Subject to Distribution Before Tax Filing Deadline; Claim Once Only</h1> If a domestic company's gross total income includes dividends from another domestic company, a foreign company, or a business trust, it can deduct an amount equal to the dividends received, provided this does not exceed the dividends it distributes by one month before its tax return filing deadline. Once a deduction for distributed dividends is claimed in a tax year, it cannot be claimed again for the same amount in subsequent years.
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