Corporations Face the Following Tax Schedule Company Z Has $90,000 of Taxable Income from Its Operations,$5,000

question 84

Multiple Choice

Corporations face the following tax schedule: $$\begin{array} { l r r } \text { Taxable Income } & \text { Tax on Base of Bracket } & \text { Percentage on Excess above } \\\text { Up to } \$ 50,000 & \$ 0 & \text { Base } \\\$ 50,000 - \$ 75,000 & 7,500 & 15 \% \\\$ 75,000 - \$ 100,000 & 13,750 & 25 \\\$ 100,000 - \$ 335,000 & 22,250 & 34 \\\$ 335,000 - \$ 10,000,000 & 113,900 & 39 \\\$ 10,000,000 - \$ 15,000,000 & 3,400,000 & 34 \\\text { Over } \$ 15,000,000 - \$ 18,333,333 & 5,150,000 & 35 \\\$ 1333 & 6,416,667 & 35\end{array}$$
Company Z has $90,000 of taxable income from its operations,$5,000 of interest income,and $30,000 of dividend income from preferred stock it holds in other corporations.What is Company Z's tax liability? Assume a 70% dividend exclusion for tax on dividends.

• A) $20,000
• B) $23,096
• C) $23,810
• D) $19,286
• E) $24,048

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