• 
  

  Analyze the tax implications for a corporation with taxable income of $1,000,000. Calculate the corporate income tax liability considering the following tax rates:

  • 15% on the first $50,000
  • 25% on the next $25,000
  • 35% on taxable income over $75,000

• Discuss tax planning strategies that corporations can employ to minimize their tax liabilities while remaining compliant with tax laws and regulations.