In the first quarter of the year, real gdp was $400 billion; in the second quarter, it was $398 billion; in the third quarter, it was $399 billion; and in the fourth quarter, it was $395 billion. has there been a recession? explain your answer.

Coop inc. owns 40% of chicken inc., both coop and chicken are corporations. chicken pays coop a dividend of $10,000 in the current year. chicken also reports financial accounting earnings of $20,000 for that year. assume coop follows the general rule of accounting for investment in chicken. what is the amount and nature of the book-tax difference to coop associated with the dividend distribution (ignoring the dividends received deduction)?