Calculate companys taxable income

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Reference no: EM13809140

ABC Co., a corporation had gross sales of $500,000 in 2008. Additionally, the company also received $100,000 in dividend income and $50,000 as interest income. The total expenditures of this company for 2008 were $272,000.

Suppose the tax rate on taxable income under $100,000 is 25% anything over $100,000 the rate is 39%.

Calculate company's taxable income.

Reference no: EM13809140

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