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Owl is a closely held corporation owned by 8 shareholders (each owns 12.5% of the stock). Selected financial information provided by Owl shows taxable income
Owl is a closely held corporation owned by 8 shareholders (each owns 12.5% of the stock). Selected financial information provided by Owl shows taxable income of $6,250,000.
A. Calculate Owl's tax liability if Owl is a C corporation
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