Questions -
1. Quince Corporation has taxable income of $450,000 for its 2010 calendar tax year. Calculate the corporation's income tax liability for 2010 before tax credits.
2. Ulmus Corporation has $1,230,000 in taxable income for 2010. Calculate the corporation's income tax liability for 2010.
3. For its 2010 tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation's tax liability for 2010.