Exercise 17-24 (Algorithmic) (LO. 2) Crane and Loon corporations, two unrelated C corporations, have the following transartinne for tha current year. Click here to access the dividends recelved deduction table. a. Compute the dividends received deduction for Crane Corporation. x b. Compute the dividends received deduction for Loon Corporation. Faestbick reheck My Work The purpose of the dividends received deduction is to prevent triple taxation. Without the deduction, income paid to a corporation in the form of a dividend would be subject to taxation for a second time (after being taxed first to the distributing corporation) with no corresponding deduction to the distributing corporation. A third level of tax would be assessed on the shareholders when the recipient corporation distributed the incometio its shareholders. \begin{tabular}{|lr|} \hline Exhibit 17.2 Dividends Received Deduction & \\ \hline PercentageofOwnershipbyCorporateShareholderDeduction & 50% \\ \hline Less than 20% & 65% \\ 20% or more (but less than 80% ) & 100% \\ \hline 80% or more* & \\ \hline \end{tabular} 'The payor corporation must be a member of an afflliated group with the recipient corporation