Problem 3-48 (LO. 1, 2) During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions Income from operations Expenses from operations Dividends received from Brown Corporation Click here to view the dividend received deduction table $660,000 760,000 240,000 a. Swallow Corporation owns 12% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year? Swallow's taxable income after deducting the dividends received deduction is 98,000 X Feedback b. Assume instead that Swallow Corporation owns 26% of Brown Corporation's stock. How much is Swallow's taxable income or NOL for the year? Swallow's NOL after deducting the dividends received deduction is s 112,000 Foodback Feedback Check My Work CO