During 20X5, X co. had the following income and expenses: Gross income from operations$3,000,000 Business expenses1,400,000 Dividends received from Y co. (32% owned by X co.)400,000 Capital gains 150,000 Capital loss carry forward183,000 Net operating loss carry forward 25,000 

a. Determine X co.’s dividends received deduction in 20X5? 

b. Determine X co.’s dividends received deduction in 20X5 assuming that there was no NOL carry forward and X co.’s business expenses were: (i) $3,050,000 or (ii) $3,200,000.