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Under the new Tax Cut and Jobs Act of 2017 rules for the computation of taxable income did not change. However, computation of tax
Under the new Tax Cut and Jobs Act of 2017 rules for the computation of taxable income did not change. However, computation of tax liability changed and reflects a new 21% Federal flat tax rate for corporations. Bear Corp. has $55,000 of taxable income from its operations, $30,000 of interest income from corporate debt securities, $25,000 in income from tax-exempt municipal debt securities, and $20,000 of dividend income from common stock it holds in other corporations (such dividends are not excludable). Given the new 21% Federal flat tax rate for corporations, what is Bear Corp's tax liability? (Answer in Dollars, cents are not necessary and omit the dollar sign, $.)
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