LO.8 a. In each of the following independent situations, determine the corporation's income tax liability. Assume that

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LO.8

a. In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2017. Taxable Income Purple Corporation Azul Corporation Pink Corporation Turquoise Corporation Teal Corporation (a personal service corporation) $ 65,000 290,000 12,350,000 19,000,000 130,000

b. Using Microsoft Excel (or a similar software program), create a spreadsheet template that incorporates the 2017 corporate tax rate schedule and can be used to calculate the tax at any given amount of taxable income.

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