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What income tax rate would be applicable

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Question - Brooklyn Corporation reports revenues of $1,800,000. Included in revenue is $150,000 of tax-exempt interest income. Brooklyn Corporation also has $845,000 in ordinary and necessary business expenses.

a) What is Brooklyn Corporation's taxable income for the year?

b) Identify any book-tax differences, the amount of the difference and whether the difference is temporary of permanent.

c) What is the corporate income tax rate?

d) What income tax rate would be applicable if Brooklyn Corporation was an S-Corp (assume shareholders are subject to tax at the highest marginal rate).

Reference no: EM133179711

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