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Find the combined tax liability

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Question - Willie Corporation is owned by two (2) equal shareholders, Samuel and Ruth. Willie Corporation has Taxable Income of $400,000 for the current tax year. Samuel and Ruth decide to separate Willie Corporation into four (4) smaller corporations allocating Taxable Income for the current tax year of $100,000 to each of the four (4) smaller corporations. The four (4) separate corporations constitute a "Controlled Corporation" under the Federal Income Tax definition of Controlled Corporations. Find the combined tax liability for the four (4) separate corporations for the current tax year?

1. $136,000

2. $21,000

3. $84,000

4. $0

Reference no: EM132635568

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