No resultsOptions Exercise 3-27 (Algorithmic) (LO. 2) Crane and Loon Corporations, two unrelated C corporations, have the following transactions for the current year Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) Crane $231,000 323,400 138,600 Loon 369,600 388,08o 277,200 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. b. Compute the dividends received deduction for Loon Corporation 6 EXHIBIT 3.2 Dividends Received Deduction Percentage of Ownership by Corporate Shareholder Less than 20% 20% or more (but less than 80%) 80% or more. The payor corporation must be a menmber of an affillated group with the recipient corporation Deduction Percentage 50% 65% 100% F10 F11 F9 F7 F5 8 7 0