C339 Dividends-Received Deduction. Theta Corporation reports the following results for the current year: Gross profits on sales Dividends from less-than-20%-owned domestic corporations $220,000 100,000 218,000 Operating expenses a. What is Theta's taxable income for the current year? b. How would your answer to Part a change if Theta's operating expenses are instead $234,000? c. How would your answer to Part a change if Theta's operating expenses are instead $272,000? d. How would your answers to Parts a, b, and c change if Theta received $70,000 of the dividends from a 20%-owned corporation and the remaining $30,000 from a less- than-20%-owned corporation? C339 Dividends-Received Deduction. Theta Corporation reports the following results for the current year: Gross profits on sales Dividends from less-than-20%-owned domestic corporations $220,000 100,000 218,000 Operating expenses a. What is Theta's taxable income for the current year? b. How would your answer to Part a change if Theta's operating expenses are instead $234,000? c. How would your answer to Part a change if Theta's operating expenses are instead $272,000? d. How would your answers to Parts a, b, and c change if Theta received $70,000 of the dividends from a 20%-owned corporation and the remaining $30,000 from a less- than-20%-owned corporation