ABC Company Owns 40 Percent of JMT Company and 95

ABC Company owns 40 percent of JMT Company and 95 percent of DEM Company.JMT pays an $80,000 dividend to ABC and DEM pays a $40,000 dividend to ABC in the current year.Assuming that ABC has $1,000,000 of taxable income,calculate ABC's dividends received deduction for the current year.

A) $96,000
B) $104,000
C) $120,000
D) $140,000
E) None of the above is correct