3.During 20X6, X co. had the following income and expenses: Gross income from operations $1,000,000 Business expenses <400,000> Dividends received from Y co. (32% owned by X co.) 200,000 Capital gains 50,000 Capital loss carry forward <65,000> Net operating loss carry forward 100,000

a. Determine X co.s dividends received deduction in 20X6?

b. Determine X co.s dividends received deduction in 20X6 assuming that there was no NOL carry forward and X co.s business expenses were:(i) $1,030,000 or (ii) $1,100,000.