During the current tax year, Fraxinia Corporation has the following income and expenses:

Gross income from operations, excluding dividends	$90,000
Expenses from operations	100,000
Dividends received from a 25 percent-owned domestic corporation	$70,000

Below is the Dividends Received Deduction table to use for this problem.

Percent Ownership	Dividends Received Deduction Percentage
Less than 20%	70%
20% or more, but less than 80%	80%
More than 80%	100%

Calculate the amount of Fraxinia Corporation's dividends received deduction.