Mrs.Fuente,who has a 39.6% marginal tax rate on ordinary income,is the sole shareholder and CEO of Furey Inc.She also holds a $1 million interest-bearing note issued by Furey.The corporation's current-year financial records show the following: Compute Mrs.Fuente's tax on her income from Furey.(Ignore payroll taxes in your calculations.)

Question

Mrs.Fuente,who has a 39.6% marginal tax rate on ordinary income,is the sole shareholder and CEO of Furey Inc.She also holds a $1 million interest-bearing note issued by Furey.The corporation's current-year financial records show the following:  Compute Mrs.Fuente's tax on her income from Furey.(Ignore payroll taxes in your calculations.)

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The Answer of Mrs.Fuente,who has a 39.6% marginal tax rate on ordinary income,is the sole shareholder and CEO of Furey Inc.She also holds a $1 million interest-bearing note issued by Furey.The corporation's current-year financial records show the following:  Compute Mrs.Fuente's tax on her income from Furey.(Ignore payroll taxes in your calculations.)

MrsFuente,who Has a 39