DIVIDEND RECEIVED DEDUCTION is the reduction of dividend income from the taxable income of the investing corporation, as provided in section 301 of the Internal Revenue Code. Currently, 70% of dividends received from nonaffiliated corporations may be excluded from taxable income.
PURCHASES LEDGER see LEDGER.
HARMONIZED SYSTEM is an internationally agreed upon classification system for trade. It provides code numbers to specify a goods classification; thereby making customs duty determination more predictable.
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