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Flat Corp Rate 21%

Problem 12-36 (LO. 8) 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 2019. Taxable Income Purple Corporation Azul Corporation Pink Corporation Turquoise Corporation Teal Corporation (a personal service corporation) $65,000 290,000 12,350,000 19,000,000 130,000 130 2019 Income Tax Liability Purple Corporation $ 10,650 Azul Corporation 62,150 x Pink Corporation 3,893,500 Turquoise Corporation $ 3,990,000 Teal Corporation 27,300