The Snyder Corporation had the following income and expense items.
|
Sales
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$180,870,000
|
|
Cost
|
110,450,000
|
|
Expenses
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65,560,000
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In addition, it received both interest and dividends from the Bevins Corp., of which it owns 30%. The interest received from Bevins was $2,430,000, and the dividends were $4,700,000.
Calculate Snyder's tax liability.