Keith Thomas began a new consulting business on January 1, 2012. He organized the business as a C corporation, KT, Inc. During 2012, the corporation was reasonably successful and generated revenues of 1,050,000. KT had operating expenses of $800,000 before any payments to Keith. During 2012, KT paid dividends to Keith in the amount of $250,000. Assume that Keith had other ordinary taxable income of $120,000, itemized deductions of 40,000, is married (wife has no income), and has no children. Compute the total tax liability of KT and Keith for 2012. Ignore any phaseout of itemized deductions. Instead of organizing the consulting business as a C corporation, assume Keith organized the business as a limited liability company, KT, LLC. KT made a distribution of $250,000 to Keith during 2012. Compute the total tax liability of KT and Keith for 2012. Ignore any phaseout of itemized deductions