that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends. EXHIBIT 3.2 Dividends Received Deduction \begin{tabular}{lc} \hline Percentage of Ownership by Corporate Shareholder & Deduction Percentage \\ \hline Less than 20% & 50% \\ 20% or more (but less than 80% ) & 65% \\ 80% or more* & 100% \\ \hline \end{tabular} *The payor corporation must be a member of an affiliated group with the recipient corporation. that none of the corporate shareholders owns 20% or more of the stock in the corporations paying the dividends. EXHIBIT 3.2 Dividends Received Deduction \begin{tabular}{lc} \hline Percentage of Ownership by Corporate Shareholder & Deduction Percentage \\ \hline Less than 20% & 50% \\ 20% or more (but less than 80% ) & 65% \\ 80% or more* & 100% \\ \hline \end{tabular} *The payor corporation must be a member of an affiliated group with the recipient corporation