Problem
This year, Napa Corporation received the following dividends:
KLP Inc (a taxable Delaware corporation in which Napa holds an 8% stock interest) - $55,000
Gamma Inc (a taxable Florida corporation in which Napa holds a 90% stock interest) - $120,000
Napa and Gamma do not file a consolidated tax return. Compute Napa's dividends-received deduction.