Citradoria Corporation is a regular corporation that contributes $35,000 cash to qualified charitable organizations during the current tax year. The corporation has net operating income of $140,000, before deducting the contributions, and dividends received from domestic corporations (ownership in all corporations is less than 20 percent) in the amount of $20,000.

a. What is the amount of Citradoria Corporation's allowable deduction for charitable contributions for the current year? $

Ulmus Corporation has $1,230,000 in taxable income for the current tax year.

Calculate the corporation's income tax liability for the current tax year.

Click here to access the tax schedule. $

TABLE 11.1

Corporate Tax Rates

Taxable Income Over				But Not Over				The Tax Is		Of the Amount Over
		$0				$50,000			15%			$0
		50,000				75,000			$7,500 + 25%			50,000
		75,000				100,000			13,750 + 34%			75,000
		100,000				335,000			22,250 + 39%			100,000
		335,000				10,000,000			113,900 + 34%			335,000
		10,000,000				15,000,000			3,400,000 + 35%			10,000,000
		15,000,000				18,333,333			5,150,000 + 38%			15,000,000
		18,333,333							6,416,667 + 35%			18,333,333