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Suppose that in addition to $20,05 million of taxable income, Texas Taco, Incorporated, received $1,600,000 of interest on stateissued bonds and $350,000 of dividends on

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Suppose that in addition to $20,05 million of taxable income, Texas Taco, Incorporated, received $1,600,000 of interest on stateissued bonds and $350,000 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 llability Note: Enter your answer in dollars not in millions. 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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