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 W as a dividend, compute W's after-tax cash flow from the dividend receipt Question 23 10 pts G Corporation, a calendar year accrual basis corporation reported $5 million of net income after tax on its current year financial statements prepared in accordance with GAAP. In addition, the following information is available from G's books and records: Federal income tax expense per books was $1,5 million Gincurred $30,000 of meals and $25,000 of entertainment expenses. Assume for tax purposes that the meal costs are 50% deductible and that the entertainment costs are not deductible. Gsold two pieces of equipment used in its business for total sales proceeds of $400,000. The equipment's original cost was $2 million. Book depreciation prior to sale totaled $1.2 million tax depreciation totaled $1,5 million . Guses the reserve method of accounting for bad debts. Additions to the reserve during the year totaled $400,000. Accounts receivable actually written off during the year totaled $450,000 G's depreciation expense for book purposes totaled $900,000. Tax depreciation computed under MACRS is $1.25 million