2-7

2-9

INTERMEDIATE PROBLEMS 7-11 The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but before: (1) interest charges of $50,000, (2) dividends received of (2-7) Corporate Tax Liability iabltys15,000, (3) dividends paid of $25,000, and (4) income taxes. What is the firm's taxable income? What is it marginal tax rate? What is its tax expense? What is its after-tax income? What is the average tax rate based on taxable income