Fisafolia Corporation has gross income from operations of $220,000 and operating expenses of $160,000 for 2014. The corporation also has $20,000 in dividends from publicly traded domestic corporations (ownership in all corporations was less than 20 percent).
a. Calculate the corporation’s dividends received deduction for 2014. $ _____________
b. Assume that instead of $220,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation’s dividends received deduction for 2014. $ _____________