Self-Study Problem 11.3

During 2018, Fraxinia Corporation has the following income and expenses:

Gross income from operations, excluding dividends	$90,000
Expenses from operations	100,000
Dividends received from a 25 percent-owned domestic corporation	$70,000

Below is the Dividends Received Deduction table to use for this problem.

Percent Ownership	2018 Dividends Received Percentage
Less than 20 percent	50%
20 percent or more, but less than 80 percent	65%
80 percent or more	100%

Calculate the amount of Fraxinia Corporation's dividends received deduction. $