Compute the current-year income tax liability for each of the following unrelated calendar year C corporations....

Question

Question

Compute the current-year income tax liability for each of the following unrelated calendar year C corporations....

Compute the current-year income tax liability for each of the following unrelated calendar year C corporations.

a. Darter Corporation has taxable income of $54,300. $

b. Owl Corporation has taxable income of $12,076,000. $

c. Toucan Corporation, a personal service corporation, has taxable income of $1,165,000. $

THERE IS NO TAX RATE FOR THIS QUESTION.

business accounting

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Answer 1

Answer #1

In year 2018, the "Tax Reforms" has eliminated the various tax brackets for C corporations and imposed instead a flat tax rate of 21% tax on C corporations taxable income.

In the problem:

a. Tax Liability on Darter Corporation has taxable income of $54,300 = $ 11403 (ie. 54300*21%)

b. On Owl Corporation has taxable income of $12,076,000 = $2535960 (ie. 12076000 * 21%)

c. On Toucan Corporation, a personal service corporation, has taxable income of $1,165,000 = $ 34650 (ie. 165000*21%)

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Answer 2

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