A parent holding company sells shares in its subsidiary such that the parent now owns only 65% of the subsidiary , so the tax returns of the parent and its subsidiary can't be consolidated. The parent receives annual dividends from the subsidiary of $3,000,000. If the parent's marginal tax rate is 35% and if the exclusion on intercompany dividends is 70%, what is the effective tax rate on the intercompany dividends, and what is the amount of net dividends received?