Heading 3 Normal Strang No Spacing a) Assume an imputation tax system and show the values for A, B, C and D below. Show all workings and attach a minus sign (-) to the value if it is a cash outflow. Marginal tax rate 45% 19% Corporate level Net Profit Before Tax $2 $2 Corporate tax (30%) $0.60 $0.60 Net Profit After Tax $1.40 $1.40 Shareholder level Cash dividends $1.40 $1.40 Gross-up adjustment A Grossed-up dividends Personal Tax Franking credit Tax payable or refundB C Dividend after taxes D