Problem 18-11 (LO. 3, 4) Owl is a closely held corporation owned by 8 shareholders (each owns 12.5% of the stock). Its taxable income for the most recent year was $6,250,000. If an amount is zero, enter "O". a. Calculate Owl's Federal income tax liability if it is a C corporation. b. Calculate Owl's Federal income tax liability if it 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)? For part (a): Whether a C corporation is closely held relevant. Therefore, the answer to part (a) would For part (b): If Owl is not closely held, it would be taxed as and the answer for part (b) would Problem 18-11 (LO. 3, 4) Owl is a closely held corporation owned by 8 shareholders (each owns 12.5% of the stock). Its taxable income for the most recent year was $6,250,000. If an amount is zero, enter "O". a. Calculate Owl's Federal income tax liability if it is a C corporation. b. Calculate Owl's Federal income tax liability if it 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)? For part (a): Whether a C corporation is closely held relevant. Therefore, the answer to part (a) would For part (b): If Owl is not closely held, it would be taxed as and the answer for part (b) would