Question: Sales for J P Hulett Inc during the past year
Sales for J. P. Hulett Inc. during the past year amounted to $4 million. Gross profits totaled $1 million, and operating and depreciation expenses were $500,000 and $350,000, respectively. Dividend income for the year was $12,000, which was paid by a firm in which Hulett owns 85 percent of the shares. Compute the corporation’s tax liability. What are the firm’s average and marginal tax rates?
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