Ross Company, a manufacturer of pharmaceuticals, has pretax ordinary income of $495,000 and has just sold an asset purchased two years ago with a realized capital gain of $23,000. Using the table (pictured), calculate the tax liability for the company this year.

Data Table Corporate Tax Rate Schedule $0) Range of taxable income $0 to $50,000 50,000 to 75,000 75,000 to 100,000 100,000 to 335,000 335,000 to 10,000,000 10,000,000 to 15,000,000 15,000,000 to 18,333,333 Over 18,333,333 Base tax + $0 + (15% 7,500 + (25% 13,750 + (34% 22,250 + (39% 113,900 + (34% 3,400,000 + (35% 5,150,000 + (38% 6,416,667 + (35% Tax calculation (Marginal rate x amount over base bracket) x amount over X amount over 50,000) x amount over 75,000) x amount over 100,000) x amount over 335,000) x amount over 10,000,000) x amount over 15,000,000) X amount over 18,333,333) Done