Please determine the tax consequences of the following transactions

(a) Tractor Corp receives $100,000 of interest income from a Bank based on its checking account balance.

(b) Tractor Corp receives a dividend from Wheeling It, Inc., a U.S. subsidiary corporation, in the amount of $300,000 and a dividend of $50,000 from Microsoft stock. Tractor owns 85% of the stock of Wheeling It, Inc. and less than 1% of stock of Microsoft.