A company has business profits of $1,000 and distributes $500 to individual owners during the year. Assume a corporate tax rate of 34 percent, an individual dividend tax rate of 15 percent, and an individual ordinary income tax rate of 28 percent. Which of the following is the correct total income tax liability (business and owner) for the given business entity? Select one: a. Limited Partnership: $140 b. General Partnership: $280 c. C Corporation: $480 d. S Corporation: $150