Tax Formor Name Tax Paying Entity A.Complete Table Type of Business Sole Proprietor Partnerships Corporation S corporations B.A corporation has revenue of $350,000 and deductible business expenses of $240,000. What is the federal income tax, before credits? A) $26,400 B) $22,000 C) $23,100 D) $38,500 Gastsa, Inc. is a C corporation. This year it earned $50,000 of taxable income and paid a $10,000 distribution (dividend) to Lily, its sole shareholder. Lily has a marginal tax rate of 24%. Due to the corporation's results and the distribution paid, the IRS will receive total taxes A) $12,000. B) $12,900. C) $13,500 D) $10,500. D. Complete Table use a check mark Vor X. Identify which Capital Gain is Long or Short-term. Indicate Tax Rate based on type of capital gain. (Profit from the sale of A Non-Depreciable Asset. Example of depreciable asset include house/building, vehicles etc, Non-depreciable include land, stocks, bonds etc) Capital Asset Long-Term Short-term N/A Tax rate stock held 13 month stock held 11 month building used in a business is sold after five years of use for a gain individual w/Taxable income $15,000 & long term capital gain If a single taxpayer with a marginal tax rate of 37% has a long-term capital gain If a single taxpayer with a marginal tax rate of 24% has a long-term capital gain