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Determine each corporation Federal income tax liability

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Reference no: EM132673538

Problem - Three C corporations reported the following results for the calendar tax year 2019.

Corporation

Taxable Income

Sparrow

$ 45,000*

Warbler

68,000**

Scaup

80,000

*Does not include a net short-term capital gain of $3,000.

**Does not include a net long-term capital loss of $4,000.

Required -

a. Determine each corporation's Federal income tax liability.

b. Construct a single Microsoft Excel formula that will produce the correct answer for all of the entities in part (a).

Reference no: EM132673538

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