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What is the firm taxable income

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Reference no: EM132472165

Problem - The Talley Corporation had taxable operating income of $470,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $60,000, (2) dividends received of $25,000, and (3) dividends paid of $30,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt.

What is the firm's taxable income?

What is the tax expense?

What is the after-tax income?

Reference no: EM132472165

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