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3. Kyle single - is the sole shareholder of Swanky Corporation, a C corporation. In the current year -2022 - Swanky earned taxable income of
3. Kyle single - is the sole shareholder of Swanky Corporation, a C corporation. In the current year -2022 - Swanky earned taxable income of $2,500,000 and distributed $1,800,000 to Kyle. Of the $1.8 million, only $1.5 million was considered to be a qualified dividend. A. What is Swankys federal income tax for 2022?
Assume Kyle is in the highest tax bracket of 37% - what is his federal income tax if this is his only income for 2022 (ignore any potential Qualified Business Income Deduction that might be available)?
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