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Lime,Inc,Has Taxable Income of $320,000

Question 87

True/False

Lime,Inc.,has taxable income of $320,000.If Lime is a C corporation,its tax liability must be $108,050 [($50,000 * 15%)+ ($25,000 * 25%)+ ($25,000 * 34%)+ ($220,000 * 39%)].

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