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Find taxable income and tax liability

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Assume H Corporation has $5.5 million of Ordinary income from its operations, $80,000 of interest received from its investment on bonds from Y firm. Also, it received $90,000 of dividends from an investment on stocks on W corporation, having and ownership of 38%on that firm. H corp also received a sale of a financial asset for the amount of $120,000, which originally purchased years ago at a price of $70,000. Also, H Corporation paid $15,000 in interest to its bondholders and $10,000 in dividends to its shareholders.

Find:

Question 1: Taxable income

Question 2: Tax liability

Question 3: Average tax rate

Question 4: Marginal Tax rate and Marginal Income

Question 5: Any exclusions from its received income ?

Question 6: Any deductions from the information provided above ?

Reference no: EM132487400

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