Corporate Tax Liability To complete the sample questions listed below, refer to the chart The Clamp Corporation
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Question:
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 federal income tax bill for the year?
- 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.
- 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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