Thrush Corporation files Form 1120, which reports taxable income of $200,000 in the current year. The corporation's tax is $42,000.

Name: Thrush Corporation files Form 1120, which reports taxable income of $200,000 in the current year. The corporation's tax is $42,000.
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Based on the information provided, it appears that Thrush Corporation's tax liability was calculated correctly. The tax rate for corporations with taxable income of $200,000 is 21%, which would result in a tax liability of $42,000.

Thrush Corporation Files Form 1120, Which Reports Taxable Income of $200,000