Sarin Software Corporation has a corporate tax rate of 30%, its bondholders have a persoanl tax rate of 30%, and the effective tax rate that its stockholders pay is 20%.

a.) Sarin has $100 of before-tax cashflows, which it pays as interest to its bondholders. What is the total corporate and personal tax on this cashflow? what is the after-tax bondholder income?

b.) Sarin has $100 of before-tax cashflows. After corporate taxes, it is distributing the balance to stockholders. what is the total corporate and personal tax on this cash flow? What is the after-tax stockholder income?

c.) Are these tax rates neutral? Which is the total corporate and personal tax on this cash flow? What is the after-tax stockholder income?