Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I dont know where i went wrong here....please some help 2-9: Corporate Income Taxes The Talley Corporation had taxable operating income of $375,000 (i.e., earnings
I dont know where i went wrong here....please some help
2-9: Corporate Income Taxes The Talley Corporation had taxable operating income of $375,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $40,000, (2) dividends received of $15,000, 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. 322500 What is the tax expense? Round your answers to the nearest dollar. $ 67725 What is the after-tax income? Round your answers to the nearest dollar. $ 254775
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started