(TCOs 1, 8, and 9) Calculate the income tax liability for each of the following
ID: 2473146 • Letter: #
Question
(TCOs 1, 8, and 9) Calculate the income tax liability for each of the following unrelated C Corporations. The corporations are unrelated.
Name of C Corporation
Amount of taxable Income
a: Devon Corporation
b: Lyons Corporation
c: Skyland Corporation(a personal Service corporation)
Name of C Corporation
Amount of taxable Income
a: Devon Corporation
68,500$b: Lyons Corporation
10,800,000$c: Skyland Corporation(a personal Service corporation)
172,00$Explanation / Answer
Name of C Corporation Amount of taxable income Tax Rate Slab Tax Rate Tax Devon Corporation $ 68,500 50000-75000 7500 plus 25% on amount over 50000 $ 12,125 Lyons Corporation $ 10,800,000 10000000-15000000 3400000 plus 35% of amount over 10000000 $ 3,680,000 Skyland Corporation $ 17,200 Flat 35% $ 6,020
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