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Quince corp has taxable income of 450000 for its 2011

Question -

1. Quince Corp has taxable income of $450,000 for its 2011 calendar tax year. Calculate the corporation's income tax liability for 2011 before tax credits.

2. Grevilla Corp is a manufacturing company. The corp has accumulated earnings of $950,000, and it can establish reasonable needs for $400,000 of that amount. Calculate the amount of the accumulated earning tax (if any) that Grevilla Corp is subject to for this year.

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Accounting Basics: Quince corp has taxable income of 450000 for its 2011

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