Wayne Corporation owns 40% of the stock of Robin Corporation and 90% of the stock of Bat Corporation. All of the corporations are U.S. corporations. Wayne has taxable income before the dividends-received deduction of S200,000, and received the following dividends during the year Robin S5,000 Bat 20,000 The dividends-received deduction for Wayne Corporation would be: $23,250 $12,500 $16.250 $20,000