Raptor Corporation Is a PHC for 2009 and Reports $200,000

question 33

Essay

Raptor Corporation is a PHC for 2009 and reports $200,000 of taxable income on its federal income tax return.
$\begin{array}{ll}\text { Operating profit } & \$ 100,000 \\\text { Long-term capital gain } & 80,000 \\\text { Dividends (20\%-owned corporation) } & 90,000 \\\text { Interest } & \underline{100,000} \\\text { Gross income } & 370,000\\\text { Salaries expense } & (50,000 \\\text { General and administrative expense } & (25,000) \\\text { Dividends-received deduction } & \underline{(72,000)} \\\text { Taxable income } & \$ 223,000 \\\text { Regular tax liability } & \$ 70,220\end{array}$ What is Raptor's PHC tax, assuming that it does not pay any dividends?

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Definitions:

Mechanical Lift

An equipment designed to assist in the lifting and moving of patients, reducing the risk of injury for both the patient and healthcare worker.

Manual Lifting

The act of picking up or moving objects using human strength and effort rather than mechanical aids.

Back Pain

Discomfort or aches located anywhere on the spine or back, ranging from mild to disabling, and caused by a variety of factors such as injury, activity, or medical conditions.

Exercise Programs

Structured routines of physical activities designed to enhance physical fitness and health.