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In its first year of existence (year 1), Willow Corp. (a C corporation) reported a loss for tax purposes of $20,000. In year 2 it
In its first year of existence (year 1), Willow Corp. (a C corporation) reported a loss for tax purposes of $20,000. In year 2 it reports a $50,000 loss. For year 3, it reports taxable income from operations of $92,000 before any loss carryovers. Using the Corporate Tax Rate Table, determine how much tax Willow Corp. will pay for year 3.
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