Corporate Tax Liability
The Talley Corporation had taxable opbating income of
$400,000 (i.e., earnings from operating revenues minus all coerating costs), Talley also Rad (1) interest charges of
$70,000,(2) dividends received of
$15,000, and (3) dividends paid of
$25,000. Tis federal tax rate mas grore any possible state corporate taxes). Recal that 50% of dividends received are tax exempt.
What is the from's taxable income? Round your answer to the nearest chilar.
5
_(_())_(_())
What is the tax expense? Round your answers to the nearest dollar.
5
_(_())_(_())
47. at is the after-tax income? Round your answers to the nearest dollar.
5
_(_())_(_()) 63
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Partially Correct
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