Exercise 3-27 (LO. 2) Crane and Loon Corporations, two unrelated calendar year C corporations, have the following transactions for the current year. Crane Loon $180,000 $300,000 Gross income from operations Expenses from operations Dividends received from domestic corporations (15% ownership) 255,000 310,000 100,000 230,000 Click here to access the dividends received deduction table. a. Compute the dividends received deduction for Crane Corporation. 88,050 x S b. Compute the dividends received deduction for Loon Corporation. 164,360 X EXHIBIT 3.2 Dividends Received Deduction 50% Percentage of Ownership by Corporate Shareholder Deduction Percentage Less than 20% 20% or more (but less than 80%) 65% 80% or more* 100% The payor corporation must be a member of an affiliated group with the recipient corporation