Dividends-Received Deduction. Theta Corporation reports the following results for the current year:

Gross profits on sales = $220,000

Dividends from less-than-20%-owned domestic corporations = 100,000

Operating expenses = 218,000

(a). What is Thetas taxable income for the current year, assuming qualified production activities income is $2,000?

(b). How would your answer to Part a change if Thetas operating expenses are instead $234,000, assuming qualified production activities income is zero or negative?

(c). How would your answer to Part a change if Thetas operating expenses are instead $252,000, assuming qualified production activities income is zero or negative?

(d). How would your answers to Parts a, b, and c change if Theta received $75,000 of the dividends from a 20%-owned corporation and the remaining $25,000 from a less than-20%-owned corporation?