In each of the following independent situations, determine the corporation's income tax liability. Assume that all corporations

Question:

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 2017.
___________________________________________ Taxable Income
Purple .............................................. $ 65,000
Azul ................................................. 290,000
Pink .............................................. 12,350,000
Turquoise ....................................... 19,000,000
Teal (a personal service .......... 130,000
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...