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Gratis the sole charnold of Logan Corporation For the past five years, Logan has reported intorno acable income as a result of paying Graham a

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Gratis the sole charnold of Logan Corporation For the past five years, Logan has reported intorno acable income as a result of paying Graham a sakary of $500.000 per year. During a recents and the revenue agent determined that Graham's educational and business experience and time devoted to managing Logan, ustified assy of only $200,000 Thus, the agent recharacterized $300,000 of the payments from the corporation as a dividend Assume that all dividends are taxed to the individuals at a 20% tax rate Required: Calculate the soumonal income tax any for Logan as a result of this contracte didend treatment. Assume Logan's marginal tax rate for the year in question was 34 percent. Ignore any payroll tax consequences) b. What are the tax consequences to Graham as a result of the constructive vidend treatment? Calculate the change in Grahams Income tax bety as a result of this change. Assume that Graham's marginal tax rate on ordinary income 37 percent ignore any payroll tax consequences c. Determine the total impact on Treasury tax collections as a result of this audit finding Complete this question by catering your answers in the tales below. Required A Requirede Required calculate the additional income tax ability for Logan os result of the constructive decidend treatment. Assume Logan's marginal tax rata for the year in question was 24 percent. Ignore any payroll tax consequences Antaraba per year Required A Required B Required What are the tax consequences to Graham as a result of the constructive dividend treatment? Calculate the change in Graham's income tax liability as a result of this change. Assume that Graham's marginal tax rate on ordinary income is 37 percent. (Ignore any payroll tax consequences.) Required A Required B Required Determine the total impact on Treatury tax collections as a result of this audit finding. Total impact on Treasury tax collections is of

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