Exercise 17-24 (LO. 2) Crane and Loon corporations, two unrelated calendar year C corporations, have the following transactions for the current year. Gross income from operations Crane $180,000 255,000 100,000 Loon $300,000 310,000 230,000 Expenses from operations Dividends received from domestic corporations (15% ownership) Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. $ 17,500 x b. Compute the dividends received deduction for Loon Corporation 154,000 x Feedback Check My Work The purpose of the dividends received deduction is to prevent triple taxation. Without the deduction, income paid to a col dividend would be subject to taxation for a second time (after being taxed first to the distributing corporation) with no con the distributing corporation. A third level of tax would be assessed on the shareholders when the recipient corporation dist shareholders. eBook Calculator Exercise 17-26 (LO. 3) Compute the current-year income tax liability for each of the following unrelated calendar year C corporations. a. Darter Corporation has taxable income of $68,000. b. Owl Corporation has taxable income of $10,800,000. c. Toucan Corporation, a personal service corporation, has taxable income of $170,000, s