The projected taxable income of the Glasgo Corporation formed in
The projected taxable income of the Glasgo Corporation, formed in 2015, is indicated in the following table. (Losses are shown in parentheses.) What is the corporate tax liability for each year? Use the tax rates shown in the appendix to this chapter.
Year Taxable Income
2015 ......... $ (95,000)
2016 ......... 70,000
2017 ......... 55,000
2018 ......... 80,000
2019 ......... (150,000)

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