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1. Last year, Idaho Steel Corporation had taxable ordinary income of $2 million and capital gains… 1 answer below » 1. Last year, Idaho Steel Corporation had taxable ordinary income of $2 million and capital gains income of $500,000. The company also had $50,000 in dividend income and paid its stockholders $150,000 in dividends. Calculate the Idaho Steel Corpora- tion’s tax bill. 2. Last year the Selling Corporation had earnings before interest and taxes (operating income) equal to $1 million. It paid $200,000 in dividends to its stockholders and $100,000 in interest to its creditors. During the year, the company also repaid a bank loan of $150,000. View complete question » 1. Last year, Idaho Steel Corporation had taxable ordinary income of $2 million and capital gains income of $500,000. The company also had $50,000 in dividend income and paid its stockholders $150,000 in dividends. Calculate the Idaho Steel Corpora- tion’s tax bill. 2. Last year the Selling Corporation had earnings before interest and taxes (operating income) equal to $1 million. It paid $200,000 in dividends to its stockholders and $100,000 in interest to its creditors. During the year, the company also repaid a bank loan of $150,000. Assuming a corporate income tax rate of 40 percent on all taxable income, calculate the Selling Corporation’s tax bill. View less » Jan 07 2016 10:51 AM
