Problem 12-12 Johnson's Inc. made $250,000 in 2015 in consulting business in Tennessee. The company had other taxable income of $1,000,000 in year 2015. The federal income tax for the consulting work done in Tennessee is $85,500 True/False Problem 12-13 A piece of property bought by XYZ Corporation a few years ago was sold for $5 M. The cost basis for this property was $2.75 M. The company had a taxable income of $12.15 million in the year the property was sold. The capital gain tax on this property is $337,500. True/False