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(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.06 million, with the cost of goods sold equal
(Corporate income tax) The Robbins Corporation is an oil wholesaler. The firm's sales last year were $1.06 million, with the cost of goods sold equal to $650,000. The firm paid interest of $205,250 and its cash operating expenses were $102,000. Also, the firm received $45,000 in dividend income from a firm in which the firm owned 22% of the shares, while paying only $11,000 in dividends to its stockholders. Depreciation expense was $52,000. 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 $ The firm's average tax rate is The firm's marginal tax rate is (Round to the nearest dollar.) \%. (Round to two decimal places.) %. (Round to the nearest integer.) Data table
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