Jim corporation is owned by two equal shareholders, C and M. Jim corporation has taxable income of 400,000 for the current tax year. C and M decided to separate Jim corporation into four smaller corporations allocating taxable income for the current tax year of $100,000 to each of the four smaller corporations. The four separate corporations constitute a controlled Corporation under the federal income Tax definition of controlled corporations. The combined tax liability for the four separate corporations for the current tax year is: