The Colton Thomsen Corporation had taxable income of $270,000 from operations after all operating costs but before (1) interest expense of $52,000,(2) interest income of $18,000, (3) dividends paid of $30,000,(4) dividends received of $12,000, and (5) income taxes. What is the company's average tax rate on taxable income? (Assume the corporation owns less than 20% of the firm issuing dividends. Use the old tax rules and dividend exclusion rules.) A. 31.44 percent B. 39.00 percent C. 32.01 percent D. 31.95 percent E. 34.00 percent