During the current year, Swallow Corporation, a calendar year C corporation, has the following transactions:


Income from operations. $660,000

Expenses from operations. 760,000

Dividends received from Brown Corporation. 240,000


a. Swallow Corporation owns 12% of Brown Corporation's stock. Swallow s taxable income after deducting the dividends received deduction is:________

b. Assume instead that Swallow Corporation owns 26% of Brown Corporation's stock. Swallow's NOL after deducting the dividends received deduction is:______