Mango, an individual, has a marginal tax rate on ordinary income of 37 percent. He currently earns $1,550,000 per year of ordinary income through a business operated as a sole proprietorship. If Mango does not require current cash from the business, calculate the potential decrease in his annual tax liability if he incorporates and operates the business through a C corporation. Assume the corporate tax rate is 21%. $155,000 $325,500 $46,500 $248,000