Red corporation, which owns stock in blue corporation, had net operating income of $200,000 for the year. blue pays red a dividend of $40,000. red takes a dividends received deduction of $20,000. which of the following statements is correct?
a. red owns less than 20% of blue corporation.
b. red owns 20% or more, but less than 80% of blue coporation.
c. red owns 80% of blue corporation.
d. red owns 80% or more of blue corporation.
e. none of the above.
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