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D&D, Inc. reported the following results for 2007. Calculate D&D’s taxable income and resulting tax liability...

D&D, Inc. reported the following results for 2007. Calculate D&D’s taxable income and resulting tax liability using the tax rates given. Sales $ Cost of sales 20,000,000 Operating expenses 8,000,000 Depreciation expense 1,000,000 Interest expense 500,000 Common stock dividends paid 1,500,000 Dividends received from Corporation Z 500,000 (D&D owns 10% of Corporation Z) ______________________________________________________________ 100,000 Corporate Tax Rates Taxable Income 15% 25% 34% 35% $0 - $50,000 $50,001 - $75,000 $75,001 - $10,000,000 over $10,000,000 Additional surtax of 5% on income between $100,000 and $335,000 Additional surtax of 3% on income between $15,000,000 and $18,333,333
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