Kyle corporation is owned 40 by maria b 30 by mal g and 30, Accounting Basics

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Kyle corporation is owned 40 by maria b 30 by mal g and 30

Problem

Kyle Corporation is owned 40% by Maria B, 30% by Mal G, and 30% by 400 other investors. Kyle's sources of income are Dividends of $40,000, Interest of $30,000 Sales of Widgets of $30,000. Kyle's taxable income for 2016 was $42,000. Compute total federal tax liability for the year.

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Accounting Basics: Kyle corporation is owned 40 by maria b 30 by mal g and 30

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