Author Question: The corporate tax return has been prepared for Go Corporation, which showed taxable income of ... (Read 66 times)

renzo156 · **on:** Sep 13, 2020

Question 1

Ohio Corporation's taxable income for the current year is $300,000. Its tax liability is
◦ $78,000.
◦ $100,250.
◦ $102,000.
◦ $117,000.

Question 2

The corporate tax return has been prepared for Go Corporation, which showed taxable income of $60,000. Prior to mailing the return, you learn that Go Corporation and Fish Corporation are owned by the same stockholders. Since Go Corp. and Fish Corp. are brother-sister corporations, it will be necessary for you to recompute the tax liability for Go Corporation, based on an equal apportionment of the lower tax rates. What will be the corrected tax liability for Go Corporation?
◦ $9,000
◦ $14,525
◦ $15,025
◦ $21,000

ciecieme · **Reply #1 on:** Sep 13, 2020

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