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What is the firm taxable income

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Question - The Talley Corporation had taxable operating income of $350,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $40,000, (2) dividends received of $5,000, and (3) dividends paid of $15,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt.

Required -

1. What is the firm's taxable income?

2. What is the tax expense?

3. What is the after-tax income?

Reference no: EM132725696

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