The projected taxable income of the Glasgo Corporation, formed in 2012, 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
2012..................$ (95,000)
2013......................70,000
2014......................55,000
2015......................80,000
2016..................(150,000)