In the current year, Red Corporation (a calendar year C corporation), which owns stock in Blue Corporation, had net operating income of $200,000 for the year. Blue pays Red a dividend of $40,000. Red takes a dividends received deduction of $20,000. Which of the following statements is correct? A. Red owns 80% of Blue Corporation. B. Red owns 20% or more, but less than 80% of Blue Corporation. C. Red owns 80% or more of Blue Corporation. D. Red owns less than 20% of Blue Corporation. E. None of these