LO.4 In each of the following independent situations, determine the C corporation’s Federal income tax liability for calendar year 2012.

Corporation Taxable Income Sparrow $ 49,000*

Warbler 68,000**

Scaup 80,000 Ibis 125,000 Heron 380,000 Finch (a personal service corporation) 110,000

*Does not include a net short-term capital loss of $3,000.

** Does not include a net long-term capital gain of $4,000.