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Wayne Corporation has income from operations of $385,000, it received interest payments of $15,000, it paid interest of $20,000, it received dividends from another corporation
Wayne Corporation has income from operations of $385,000, it received interest payments of $15,000, it paid interest of $20,000, it received dividends from another corporation of $10,000, and it paid $40,000 in dividends to its common shareholders.
What is Waynes federal income tax?
Hint: Dividends received from a corporation are taxed at 30%. Also, you will need to use the schedule from page 83.
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