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What Is JEB Corporation's Taxable Income and Income Tax If

Question 36

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What is JEB Corporation's taxable income and income tax if it has gross sales revenue of $3,000,000, cost of sales of $1,800,000, other expenses of $1,100,000, dividend income of $20,000 (10 percent ownership) and a charitable contribution of $25,000?

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$98,000 taxable income and $20,580 tax.
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