In each of the following independent situations determine the corporation s
In each of the following independent situations, determine the corporation’s income tax liability. Assume that all corporations use a calendar year for tax purposes and that the tax year involved is 2015.
Taxable Income
Purple Corporation ................. $ 65,000
Azul Corporation .................. 290,000
Pink Corporation ................... 12,350,000
Turquoise Corporation ................ 19,000,000
Teal Corporation (a personal service corporation) ...... 130,000
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