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

question 29

Essay

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

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Definitions:

Official Violence

Acts of violence sanctioned or perpetrated by state or institutional authorities, often justified by law or policy.

Noncriminal Self-image

the identification of oneself as someone who is not a criminal, influencing an individual's behavior and choices to align with societal norms.

Unwitting Cooperation

The phenomenon where individuals unintentionally assist or become complicit in another’s actions or plans without full awareness of the implications.

White-collar Deviance

Deviant behaviors conducted by individuals in professional roles, often involving financial crimes, fraud, and embezzlement.