Reference no: EM131202263
Ken Tremont and Tucker Bailey began a new consulting business on January? 1, 2015 . They organized the business as a C? corporation, KT, Inc. During 2015 ?, the corporation was successful and generated revenues of $ 1 comma 350,000 . KT had operating expenses of $ 715, 000 before any payments to Ken or Tucker . During 2015 ?, KT paid dividends to Ken and Tucker in the amount of $ 100,000 each. Assume that Ken had other ordinary taxable income of $ 300,000?, itemized deductions of $ 35,000 ?, is married? (wife has no? income), and has no children. Compute the total tax liability of KT and Ken for 2015 . Ignore any phaseout of itemized deductions or reduction of personal exemptions..
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: Ken Tremont and Tucker Bailey began a new consulting business on January? 1, 2015 . They organized the business as a C? corporation, KT, Inc. During 2015 ?, the corporation was successful and generated revenues of $ 1 comma 350,000 . KT had operating..
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