Coconut an individual, rosa 35% marginal tax rate and oww 100% of the stock of Tropical Corporation Corporation for federal tax purposes. This year, Tropica Corporation generated $6.100,000 of taxable income paid $1,386,000 of corporate income tax and paid $125.000 dividend to Coconut Suppose that the federal Income tax stateras been amended to allow.shareholders to grosse divided income by the commorate tax paid with respect to the dividend od credit this ainst the individuals. Further assume that dividends received by individuals are not eligible for a preferential tax rate. Assuming the corporate tax rates 21 calculate Coconut's reported dividend income 5485,100 1995.00 504304 12.00