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Lora is the sole shareholder of two calendar year C corporationsLemon Corporation and Peach Corporation. During the current year, Lemon has taxable income of $118,500

Lora is the sole shareholder of two calendar year C corporationsLemon Corporation and Peach Corporation. During the current year, Lemon has taxable income of $118,500 and Peach has taxable income of $80,000. As a general rule, the combined corporate income tax for Lemon and Peach Corporations will be, assuming a flat tax rate of 21%:

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