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Compute accumulated earnings tax for Snapdragon Phtography

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Question - Compute the accumulated earnings tax for Snapdragon Phtography, Inc., using the following information:

Accumulated earnings as of the end of last year $120,000

Taxable income 80,000

Less than 20 percent owned dividends 11,000

Net operating loss carryover 5,000

Excess of long-term capital gains over long-term capital losses, taxed at 21 percent 15,000

Taxes actually paid 16,800

Reference no: EM133124299

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