ACCT 429 Calculate the income tax liability using the tax rates

ACCT 429 Calculate the income tax liability using the tax rates

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Calculate the income tax liability using the tax rates for December 2015 for each of the following unrelated C Corporations. The corporations are unrelated.

 

Name of C Corporation

Amount of Taxable Income

a:                    Donut Corporation

$69,000

b:                    Littles Corporation

$10,800,000

c:                     Skylark Corporation (a                    Personal Service corporation)

$174,000

(Points : 30)


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