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Corporate Tax Liability Please post the steps for this and answer, Thank You Corporate Tax Liability The Talley Corporation had taxable operating income of $380,000

Corporate Tax Liability

Please post the steps for this and answer, Thank You

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Corporate Tax Liability The Talley Corporation had taxable operating income of $380,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $60,000, (2) dividends received of $10,000, and (3) dividends paid of $20,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the firm's taxable income? Round your answer to the nearest dollar. $ 435,000 What is the tax expense? Round your answers to the nearest dollar. $ 91,350 What is the after-tax income? Round your answers to the nearest dollar. $ 248,650

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