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Suppose that in addition to $10,10 million of taxable income, Texas Taco, Incorporated, received $1,700,000 of interest on state-issued bonds and $310,000 of dividends on

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Suppose that in addition to $10,10 million of taxable income, Texas Taco, Incorporated, received $1,700,000 of interest on state-issued bonds and $310,000 of dividends on common stock it owns in Arizona Taco, Incorporated. (Use corporate tax rate of 21 percent for your calculations) a. Calculate Texas Taco's income tax liability. Note: Enter your answer in dollars not in millions. Income tax lability b. What are Texas Taco's average and marginal tax rates on taxable income? Note: Round your answers to 2 decimal places

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