Carbon Corporation owns stock in Big Corporation, both C corporations. Carbon has net taxable income of $1,000,000 for the year. Big pays a dividend of $600,000 to Carbon. If Carbon owns 90% of the stock in Big, in general, what is the federal income tax treatment of the dividend for Carbon:

a. deduction equal to $510,000

b. income equal to $600,000, taxed at 15% rate

c. income and deduction equal to $600,000

d. income equal to $600,000 taxed at ordinary rate

e. income equal to $510,000 taxed at ordinary rate