Problem 13-38 (LO. 3) Owl is a closely held corporation owned by 8 shareholders (each has 12.5% of the stock). Selected financial information provided by Owl shows taxable income of $6,250,000 a. Calculate Owl's tax liability if Owl is a C corporation b. Calculate Owl's tax liability if Owl is an S corporation c. How would your answers in parts (a) and (b) change if Owl is not closely held (e.g., 5,000 shareholders with no shareholder owning more than 2% of the stock)? Whether a C corporation is closely held If Owl is corporation and not closely held, it would be taxed as relevant. Therefore, the answer to part (a) would and the answer for part (b) would