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(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.01 million, with the cost of goods sold
(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.01 million, with the cost of goods sold equal to $630,000. The firm paid interest of $175,500 and its cash operating expenses were $105,000. Also, the firm received $42,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $15,000 in dividends to its stockholders. Depreciation expense was $50,000. Use the corporate tax rates shown in the popup window, , to compute the firm's tax liability. What are the firm's average and marginal tax rates? The Robbins Corporation's tax liability for the year is $ (Round to the nearest dollar.) The firm's average tax rate is %. (Round to two decimal places.) The firm's marginal tax rate is %. (Round to the nearest integer.)
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