46. LO.3 Determine the dividends received deduction for each of the following independent situations.

Assume that the percentage of stock owned in the corporation paying the dividend is 30% for Green Corporation and less than 20% for Red Corporation and Blue Corporation.

Red Corporation Blue Corporation Green Corporation Income from operations $3,000,000 $4,500,000 $8,000,000 Expenses of operations 2,700,000 4,800,000 8,400,000 Qualified dividends received 600,000 150,000 2,000,000