Shao, Incorporated, a Tennessee corporation, conducts business in South America through two foreign corporations, Shao-Col, Incorporated and Shao-Per, Incorporated Shao formed Shao-Col six years ago and owns 100 percent of its stock. Shao-Per was formed six months ago and Shao owns 50 percent of its stock. In addition, Shao owns 7 percent of the stock of Albi, Incorporated, a French corporation. This year, Shao recognized the following dividend distributions from the three foreign corporations:

Shao-Col, Incorporated	$ 291,000
Shao-Per, Incorporated	263,000
Albi, Incorporated	120,000

Required:

1. Compute Shaos allowable dividends-received deduction with respect to each dividend.
2. Compute Shaos net dividend income.