Problem 20-41 (LO. 4) Determine the dividends received deduction for each of the following independent situations. Assume that the percentage of stock owned in the corporation paying the dividend is 30% for Green Corporation and less than 20% for Red Corporation and Blue Corporation. Income from operations Expenses of operations Qualified dividends received Red Corporation Blue Corporation Green Corporation $3,000,000 2,700,000 600,000 $4,500,000 4,800,000 150,000 $8,000,000 8,400,000 2,000,000 Note: Enter all amounts as positive numbers. If the taxable income limitation does not apply, enter "0" for Step 2. Red Corporation Blue Corporation Green Corporation Qualified dividends received $600,000 $150,000 $2,000,000 Applicable deduction percentage 50% 50% 65% Step 1: Tentative dividends received deduction 42,000 X 105,000 X 1,600,000 X Step 2: Taxable income limitation 630,000 X 1,280,000 X Step 3: Dividends received deduction 420,000 X 105,000 X 1,280,000 X allowed