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(1) The Dawg corporation owns 16% of Company A and 23% of Company B. Dividends received from Company A were $143,000 and from Company B

(1) The Dawg corporation owns 16% of Company A and 23% of Company B. Dividends received from Company A were $143,000 and from Company B were $203,000. If Dawg's taxable income not including the dividends is $2,000,000, calculate Dawg's taxable income after including the dividend information. (2) Flip's Pizzeria Inc. has the following financial items for the current year:

Advertising Expenses $85,000

Cost of Goods Sold $760,000

Dividend Income (Flip owns less than 20% of the other corporation) $2,500

Interest Expense $19,000

Municipal Bond Interest Income $5,500

Other Operating Expenses $450,000

Sales $1,765,000

Wages and Salaries $565,000

Calculate Flip's taxable income for the current year. (3) Suppose XYZ Inc.'s taxable income for the current year is $4,725,500. Calculate XYZ's tax liability. (4) Suppose XYZ Inc.'s taxable income for the current year is $15,052,500. Calculate XYZ's tax liability.

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