Answer the following questions. Each question response should be at least 1 page, and answer each question fully. Question 1: Corporate Dividends Received Deduction We’ve all heard that corporate income is subject to double taxation; once at the corpora

Answer the following questions. Each question response should be at least 1 page, and answer each question fully. Question 1: Corporate Dividends Received DeductionWe’ve all heard that corporate income is subject to double taxation; once at the corporate level and again at the individual level after dividends are distributed. Congress has put in place a dividend received deduction to mitigate a similar problem at the corporate level.  In what situations does this deduction apply?  How many times is such income subject to taxation?  If double/triple/etc. taxation is so onerous, why are limits in place on this deduction? If this is okay at the corporate level, why, in your opinion, hasn’t it been implemented to mitigate against double taxation when paid to individuals?Question 2: M-1 ReconciliationIn a corporate income tax return, Schedule M-1 must be completed to reconcile book income to tax income. If a corporation is not publicly traded, book income is not available outside the firm, so why does this reconciliation matter? What are some of the major items that show up in the reconciliation that increase or decrease book income to get it to tax income? What are the implications if the reconciliation does not work? In other words, what do you think is the real purpose of the government in requiring the reconciliation?