Orange, Inc., a C Corporation for federal tax purposes, owns $82\%$ of Citrus Corporation common stock, a C Corporation for federal tax purposes. This year, Orange generated $$200,000$ operating income $($not including dividends$).$ It also received $$40,000$ dividends from Citrus Corporation. Orange's taxable income is:

$$212,000$

$$208,000$

$$232,000$

$$200,000$