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Calculate the Corporate Tax Liability in Each of the Following

Question 78

Essay

Calculate the corporate tax liability in each of the following circumstances:
a.X Corporation has taxable income of $250,000 for its 2013 calendar tax year.
b.Y Corporation has $1,500,000 in taxable income for 2013.
c.Z Corporation has taxable income of $100,000,before capital gains and losses,a short-term capital loss of $30,000,and a long-term capital gain of $10,000 in 2013.

Correct Answer:

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a. $80,7...

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