Wildly Successful Incorporated became so successful and profitable that on the advice of their accounting firm they decided to use a holding company when branching off certain services. Active business income for each company in the Holding Company's first full fiscal year was: $400,000 for Wildly Successful Incorporated $300,000 for the holding company How much active business income is not eligible for the preferential tax rates of the small business amount?

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To determine the amount of active business income that is not eligible for the preferential tax rate... View the full answer