Question The Talley Corporation had a taxable income of $1,000,000 from operations after all operating costs but before: (1) interest charges of $50,000, (2) dividends received of $15,000, (3) interest received of $10,000, and (4) income taxes. What is the firm's income tax liability? (hints: assuming 21% flat tax rate and 50% of dividends received are excluded from taxable income.) $ 201,780 $203,175 $204,750 $301,910 $350,820