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Home Q & A Board Other Fields Homework Help Business Accounting
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Mandarini Mandarini
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7 years ago
Raptor Corporation is a PHC for 2009 and reports $200,000 of taxable income on its federal income tax return.

Operating profit   $100,000
Long-term capital gain   80,000
Dividends (20%-owned corporation)   90,000
Interest   100,000
Gross income   370,000
Salaries expense   (50,000)
General and administrative expense   (25,000)
Dividends-received deduction   (72,000)
Taxable income   $223,000
Regular tax liability   $ 70,220

What is Raptor's PHC tax, assuming that it does not pay any dividends?
Textbook 
Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts

Prentice Hall's Federal Taxation 2014 Corporations, Partnerships, Estates & Trusts


Edition: 27th
Authors:
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genflynngenflynn
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7 years ago
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More solutions for this book are available here
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We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.

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Mandarini Author
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7 years ago
Definitely recommend this tutor and website!

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