The Talley Corporation had taxable operating income of $335,000. Talley also had (1) interest charges of $70,000, (2) dividends received of $10,000, and (3) dividends paid of $25,000. Its federal tax rate was 21% Recall that 50% of dividends received are tax exempt.

What is the firms taxable income?

What is the tax expense?

What is the after-tax income?