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What is the additional tax on interest income

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Reference no: EM132421925

Problem: The XYZ INC reported $50 million of taxable income. It's federal tax rate was 21% (ignore any possible state corporation taxes). Assume the firm receives an additional $1 million of interest income from some bonds it owns. What is the additional tax on this interest income? Please deliver the authentic solution of this problem.

Reference no: EM132421925

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