Question: Sales for J . P Hulett Inc. during the past year amounted to $ 3 . 6 million. Gross profits totaled $ 1 . 0

Sales for J.P Hulett Inc. during the past year amounted to $3.6 million. Gross profits totaled $1.07 million, and operating and depreciation expenses were $504,000 and $344,000, respectively. Dividend income for the year was $13,000, which was paid by a firm in which Hulett owns 85 percent of the shares. What are the firm's average and marginal tax rates?

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