8 pts Question 17 Tax credits are defined as S ences) Reductions to taxable income (i.e. expenses) Revenue from non-business sources Dollar-for-dollar reduction in the tax liability Expenditures excluded from the tax return unless specified otherwise Question 18 8 pts Bull Inc. had sales of $600,000 and operating expenses of $340,000. In addition, Bull Inc. received dividend income of $42,000 from Luna Corp. in which it owns 25% of Luna Corp. Calculate Bull Inc.'s taxable income for the year. Question 20 8 pts You are analyzing a business with the following financial information. Sales $1,200,000 Expenses $850,000 Municipal Bond Interest Income $120,000 Calculate taxable income. 350,000 230,000 730,000 470,000 Question 19 8 pts Your corporation just finished in 2019, its 4th year of business, and is finally making a profit. Taxable income/(loss) for the prior 3 years has been: 2018 2016 Taxable Income/(Loss) (60,000) 2017 (42,000) (20,000) If your company had sales of $450,000 and expenses of $320,000 this year (2019), calculate your corporation's taxable income this year. Question 21 8 pts If your corporation's taxable income is $55,000, calculate your corporation's tax liability for the year