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A) IBM Inc. paid PLM Inc. Interest = $1,500; pref. stock dividend=$2,000, common stock dividend=$1,000; marginal tax rate is 34%, calculate 1) nontaxable income, 2)
A) IBM Inc. paid PLM Inc. Interest = $1,500; pref. stock dividend=$2,000, common stock dividend=$1,000; marginal tax rate is 34%, calculate 1) nontaxable income, 2) taxable income, 3) tax liability to PLM Inc.
B) IBM Inc. paid PLM Interest = $1,500; pref. stock dividend=$2,000, common stock dividend=$1,000; marginal tax rate is 34%, calculate 1) nontaxable income, 2) taxable income,3) tax liability to PLM.
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