Two Unrelated,calendar Year C Corporations Have the Following Taxable Income

question 198

Multiple Choice

Two unrelated,calendar year C corporations have the following taxable income for the current year: Olive Corporation Magenta Corporation
Taxable income $70,000 $90,000
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 these.

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Definitions:

Oxygen Saturation

A measure of the amount of oxygen carried by red blood cells in the bloodstream, indicating how well oxygen is being distributed throughout the body.

Bulb Syringe

A simple rubber or silicone device with a bulb at one end and a narrow nozzle at the other, used for gentle suctioning of fluids from body cavities or administering liquids.

Mucus

A slippery secretion produced by and covering mucous membranes, primarily used to protect and lubricate the membranes.

Supine Position

A body position where the person lies flat on their back with the face up, often used in medical examination or treatment.