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W. whose marginal tax rate on ordinary income is 37 percent and special rate on qualified dividends is 20 percent, owns 100 percent of the

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W. whose marginal tax rate on ordinary income is 37 percent and special rate on qualified dividends is 20 percent, owns 100 percent of the stock of X Corporation. This year. X generates $1 million of taxable income. X is subject to a 21% corporate tax rate. If X wants to pay all of its after-tax earnings to Was a dividend, compute W's after- tax cash flow from the dividend receipt

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