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Williams Inc reports total net income of $130,000 during 2012. This includes $10,000 of income from 5.5% Orange County municipal bonds. Thus the Corporation's taxable income is equal to $120,000.
a) What is William's tax liability for 2012?
b) What are William's marginal, average and effective tax rates, respectively?
c) If equivalent taxable bonds pay 7.5% interest, what is the implicit rate for the Orange County bonds?
d) Did Williams make a good choice to invest in the municipal bonds instead of the taxable bonds?
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