1. During the current year, Bernie Corporation (Bernie, a calendar year C corporation) has the following transactions:

Income from operations	$260,000
Expenses from operations	305,000
Dividends received from Vermont Corporation	215,000

1. Bernie owns 5% of Vermont Corporations stock. How much is Bernie Corporations taxable income (loss) Line 30 of Form 1120 - for the year?

2. Would your answer change if Bernie owned 45% of Vermont Corporations stock?