In 2013, Apricot Corporation had taxable income of $120,000. Included in taxable income was a $10,000 capital gain. The $120,000 of taxable income does not include a $15,000 capital loss carry forward available from the previous year. What is Apricot Corporation’s 2013 income tax liability before any tax credits?
a. $24,200
b. $26,150
c. $28,550
d. $30,050
e. None of the above