Red Corporation, which owns stock in Blue Corporation, had net operationg income of $400,000 for the year. Blue pays Red a dividend of $60,000. Red takes a divident received deduction of $48,000. Which of the following is correct? a. Red owns less than 20% of Blue corporation b. Red owns 20% or more, but less than 80% of Blue corporation c. Red owns 80% of Blue corporation d. Red owns 80% or more of Blue corporation e. None of the above