LO.7 In each of the following independent situations, determine the dividends received deduction for the calendar year C corporation. The corporate share- holders own less than 20% of the stock in the corporations paying the dividends. Income from operations Expenses from operations Qualifying dividends Almond Corporation Banana Corporation Cherry Corporation $ 700,000 (600,000) 100,000 $ 800,000 $900,000 (860,000) 100,000 100,000 (910,000)