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Mr. Lion who is in the 37 percent tax bracket, is the sole shareholder of Toto Inc., which maufactures greeting cards. Toto's average annual net
Mr. Lion who is in the 37 percent tax bracket, is the sole shareholder of Toto Inc., which maufactures greeting cards. Toto's average annual net profit (before defuction of Mr. Lion's salary) is $200,000. For each of the following cases, compute the income tax burden on this profit. (ignore any payroll consequence)
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