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Red Corporation and White Corporation, both calendar year C corporations, are members of a controlled group of corporations. For the current year, Red has taxable
Red Corporation and White Corporation, both calendar year C corporations, are members of a controlled group of corporations. For the current year, Red has taxable income of $130,000, and White has taxable income of $200,000. Assume that the controlled group does not make an election regarding the apportionment of the marginal tax brackets.
Click here to access the tax table to use for this problem. If required, round your answers to the nearest dollar.
Red Corporation's income tax liability is $
, and White Corporation's income tax liability is $
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