Requirements a. Keith Thomas and Thomas Brooks began a new consulting business on January 1, 2015. They organized the business as a C corporation, KT, Inc. During 2015, the corporation was successful and generated revenues of $ 1 comma 300 comma 000. KT had operating expenses of $ 800 comma 000 before any payments to Keith or Thomas. During 2015, KT paid dividends to Keith and Thomas in the amount of $ 165 comma 000 each. Assume that Keith had other ordinary taxable income of $ 130 comma 000, itemized deductions of $ 40 comma 000, is married (wife has no income), and has no children. Compute the total tax liability of KT and Keith for 2015. Ignore any phaseout of itemized deductions or reduction of personal exemptions. b. Instead of organizing the consulting business as a C corporation, assume Keith and Thomas organized the business as a limited liability company, KT, LLC. KT made a distribution of $ 250 comma 000 each to Keith and Thomas during 2015. Compute the total tax liability of KT and Keith for 2015. Ignore any phaseout of itemized deductions, any phase out of personal exemptions, and additional tax on net investment income. LOADING...(Click the icon to view the 2015 tax rate schedule for the Married filing jointly filing status.) LOADING...(Click the icon to view the tax rate schedule for corporations.) LOADING...(Click the icon to view the capital gain rates for 2015.) Requirement a. Compute the total tax liability of KT and Keith for 2015. Ignore any phaseout of itemized deductions or reduction of personal exemptions. (If a box is not used in the table leave the box empty; do not select a label or enter a zero. Do not round intermediary calculations. Only round the amounts you input in the cells to the nearest cent. Use the tax rate schedule for necessary tax calculations.) Begin by calculating the tax liability for KT. Minus: Taxable income Corporate tax Choose from any list or enter any number in the input fields and then click Check Answer.