1.In the current year, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 capital loss carryforward available from the previous year. What is Apricot Corporation's current year income tax liability before any tax credits?

Group of answer choices

$22.050

$21,000

$23,100

$25,200

None of these

2.

An S corporation files a Form 1120S.

Group of answer choices

True

False