During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions:

Income from operations …………………………………        $660,000

Expenses from operations ………………………………         720,000

Dividends received from Brown Corporation …………. 240,000

a. Swallow Corporation owns 12% of Brown Corporation’s stock. How much is Swallow’s taxable income or NOL for the year?

b. Assume instead that Swallow Corporation owns 26% of Brown Corporation’s stock. How much is Swallow’s taxable income or NOL for the year?