Question: Return to the facts of problem 40. Assume that late in the year, Drew needs extra cash to pay off gambling debts and has the

Return to the facts of problem 40. Assume that late in the year, Drew needs extra cash to pay off gambling debts and has the corporation declare a $25,000 dividend to provide the cash. What is the effect of the dividend payment on the total income tax liability if Morris is
a. A corporation?
b. An S corporation?

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