During the Current Tax Year, Charlie Corporation Generated Gross Income

question 855

Essay

During the current tax year, Charlie Corporation generated gross income of $1,800,000 and had ordinary and necessary deductions of $1,300,000, resulting in taxable income of $500,000. If Charlie Corporation paid qualifying dividends of $200,000 to shareholders, all of whom are in the 24% marginal tax bracket, what is the total tax paid on both corporate income and the corporate dividends?

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Definitions:

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