Universal Corporation, a CCPC, received the following dividends during the current taxation year:

	Dividends from unconnected corporations ("portfolio dividends") of $104,000
	Dividends from a wholly owned subsidiary of $24,850 (as a result of paying this dividend, the subsidiary received a dividend refund of $5,000)

Which of the following is the correct amount of Part IV taxes payable for Universal Corporation in the current year?

Choose the correct answer. (Round your answer to the nearest dollar.)

A. $39,867

B. $54,392

C. $44,867

D. $49,392