Problem 19-45 (a) (LO. 5) Parrell Corporation owns 25% of Cross Corporation's stock. On May 1, Cross Corporation, with current E & P of $75,000, distributes land (fair market value of $235,000; basis of $200,000) to Parrnell. The land is subject to a liability of $150,000, which Parrnell assumes. Click here to view the Dividend Received Deduction Table. a. Parrell Corporation has dividend income of $ and a dividends received deduction of $ b. Overall, Cross Corporation's E & P after the distribution is by & O t 17.2 Dividends Received Deduction Percentage of Ownership by Corporate Shareholder Deduction Percentage Less than 20% 50% 65% 20% or more (but less than 80%) 80% or more * 100%