=+expenses of $800,000 before any payments to Keith or Trent. During 2020, KT paid dividends to Keith

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=+expenses of $800,000 before any payments to Keith or Trent. During 2020, KT paid dividends to Keith and Trent in the amount of $350,000 each. Assume that Keith’s wife earned $130,000 from her job, they file a joint return, have itemized deductions of $40,000, and have no children. Compute the total tax liability of KT, Inc.

and Keith and his wife for 2020. Ignore the net investment income tax.

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