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

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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 $68,100.

b. Owl Corporation has taxable income of $13,996,000.

c. Toucan Corporation, a personal service corporation, has taxable income of $1,645,000.

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Answer 1

Answer #1

The current tax rate is flat 21% for Corporation.

a
Taxable income	68100
X Tax rate	21%
Income tax liability	14301

b
Taxable income	13996000
X Tax rate	21%
Income tax liability	2939160

c
Taxable income	1645000
X Tax rate	21%
Income tax liability	345450

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Answer 2

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