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Damm [24]
2 years ago
11

Your corporation has the following cash flows: Operating income $250,000 Interest received $ 10,000 Interest paid $ 45,000 Divid

ends received $ 20,000 Dividends paid $ 50,000 If the applicable income tax rate is 40% (federal and state combined), and if 70% of dividends received are exempt from taxes, what is the corporation's tax liability
Business
1 answer:
masha68 [24]2 years ago
8 0

Answer: $88,400

Explanation:

My corporation Plc

Corporate tax for the year

Operating incom $250,000

Interest received $10,000

Interest paid ($45,000)

Dividends received $6,000

Taxable income $221,000

Since the tax rate is 40%

Tax= 0.4x($221,000) = $88,400.

NOTES

Taxable income is (250000+10000+6000-45000)

Interest paid is in bracket because it's a deduction.

70% of dividends received is excepted from tax

0.3x20000=$6000

Dividends paid out is after tax has been deducted.

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