Two Unrelated, Calendar Year C Corporations Have the Following Taxable

question 151

Multiple Choice

Two unrelated, calendar year C corporations have the following taxable income for the current year: ​
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)$24,500 for Olive and $31,500 for Magenta.
• C)$12,500 for Olive and $18,850 for Magenta.
• D)$12,500 for Olive and $31,500 for Magenta.
• E)None of the above.

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