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Calculate the taxable income and income tax liability? Sanford Corporation had gross income from business operations of $150,000 for the current year. In addition, the
Calculate the taxable income and income tax liability? Sanford Corporation had gross income from business operations of $150,000 for the current year. In addition, the company received dividends from domestic corporations (less than 20% owned) in the amount of $10,000. Allowable business expenses were $40,000. What is Sanford Corporations taxable income? What is Sanford Corporations tax liability?
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