Determine the dividends received deduction for each of the following independent situations. Assume that the percentage of stock owned in the corporation paying the dividend is 30% for Green Corporation and less than 20% for Red Corporation and Blue Corporation. Red Corporation Blue Corporation Green Corporation Income from operations Expenses of operations Qualified dividends received $3,000,000 2,700,000 600,000 $4,500,000 4,800,000 150,000 $8,000,000 8,400,000 2,000,000 Note: Enter all amounts as positive numbers. If the taxable income limitation does not apply, enter "O" for Step 2 Red Blue Green Corporation Corporation Corporation Qualified dividends received Applicable deduction percentage Step 1: Tentative dividends received $600,000 $150,000 $2,000,000 deduction Step 2: Taxable income limitation Step 3: Dividends received deduction 50% 65% 100% allowed