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The Dakota Corporation had a 2021 taxable income of $13,000,000 from operations after all operating costs but before (1) interest charges of $3,100,000, (2) dividends
The Dakota Corporation had a 2021 taxable income of $13,000,000 from operations after all operating costs but before (1) interest charges of $3,100,000, (2) dividends received of $250,000, (3) dividends paid of $1,850,000, and (4) income taxes (the firm's tax rate is 21 percent). a. Calculate Dakota's income tax liability. (Round your answer to the nearest dollar amount.) A Income tax liability b. What are Dakota's average and marginal tax rates on taxable income? (Round your answers to 2 decimal places.) Average tax rate Marginal tax rate % %
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