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In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and
In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2014.
Tax Income
Purple Corp $65,000
Azul Corp $290,000
Pink Corp $12,350,000
Turquoise Corp $19,000,000
Teal Corp $130,000
(a personal service corporation)
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