1. Ch. 15 Overall Tax Rate: Opal would like to organize West Corporation as either an S Corporation or a C Corporation. In either form, the entity reports taxable income of $90,000. Opal's marginal income tax rate is 37%, and her tax rate on dividends and capital gains is 23.8. West will not be eligible for the qualified business income deduction. Also, Opal will participate in West's business activities, so her income from West will not be subject to the net investment income tax. At the end of every year, West will pay out 25% of its after-tax earnings as a dividend if formed as a C corporation. a. What is the overall tax rate on West's income in the first year if organized as a C corporation? b. What is the overall tax rate on West's income in the first year if organized as an S corporation?