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QUESTION 7 In each of the following independent situations, determine the corporations income tax liability. Assume that all corporations use a calendar year 2017. Taxable

QUESTION 7

In each of the following independent situations, determine the corporations income tax liability. Assume that all corporations use a calendar year 2017.

Taxable

Income

Violet Corporation

$ 63,000

Indigo Corporation

180,000

Orange Corporation

510,000

Blue Corporation

11,100,000

Green Corporation (personal service corporation)

225,000

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