# Last year, Idaho Steel Corporation had taxable ordinary income of \$2 million and capital gains

16 / 01 / 2019 Research Papers

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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

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