Two Unrelated, Calendar Year C Corporations Report the Following Taxable $\begin{array}{llcc}& \text { Olive Corporation } & \text { Magenta Corporation } \\\text { Taxable income } & \$ 70,000 & \$ 90,000\end{array}$

question 118

Multiple Choice

Two unrelated, calendar year C corporations report the following taxable income for 2020:
$\begin{array}{llcc}& \text { Olive Corporation } & \text { Magenta Corporation } \\\text { Taxable income } & \$ 70,000 & \$ 90,000\end{array}$
Magenta Corporation is a qualified personal service corporation.Based on these facts, their corporate tax liability is:

• A)$24,500 for Olive and $18,850 for Magenta.
• B)$14,700 for Olive and $18,900 for Magenta.
• C)$12,500 for Olive and $18,850 for Magenta.
• D)$12,500 for Olive and $31,500 for Magenta.

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Definitions:

Open Interest

The number of futures contracts outstanding.

Silver Futures

Contracts to buy or sell silver at a future date at a price that is agreed upon today, used for hedging or speculating on the future price of silver.

Agricultural Futures

Futures contracts that are focused on agricultural commodities like wheat, corn, soybeans, and others, allowing farmers and investors to hedge against or speculate on price movements.

Actively Traded

Securities or assets that are frequently bought and sold, often characterized by high trading volumes.