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Corporate Tax Liability To complete the sample questions listed below, refer to the chart The Clamp Corporation had $11,000,000 of taxable income. What's the company's

Corporate Tax Liability

To complete the sample questions listed below, refer to the chart

The Clamp Corporation had $11,000,000 of taxable income.

  1. What's the company's federal income tax bill for the year?
  2. Assuming the company receives an additional $2,250,000 million of interest income from some bonds it owns. What is the tax on this interest income? Enter your answer in dollars.
  3. Now assume that Clamp does not receive the interest income but does receive an additional $2,750,000 million as dividends on stock it has. What is the tax on this dividend income?

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