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Problem 2-25 Corporate Taxes (LG2-3) The Dakota Corporation had a 2015 taxable income of $21,000,000 from operations after all operating costs but before (1) interest
Problem 2-25 Corporate Taxes (LG2-3)
The Dakota Corporation had a 2015 taxable income of $21,000,000 from operations after all operating costs but before (1) interest charges of $3,900,000, (2) dividends received of $330,000, (3) dividends paid of $2,250,000, and (4) income taxes.
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a. Use the tax schedule in Table 2.3 to calculate Dakotas income tax liability. (Round your answer to the nearest dollar amount.)
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b. What are Dakotas average and marginal tax rates on taxable income? (Round your answers to 2 decimal places.)
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