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Answer :
Final answer:
The tax liability for a corporation with a taxable income of $18,635,067 is $6,522,273, according to the tax rate of 35% for incomes above $18,333,333. Therefore, the correct option is C.
Explanation:
To calculate the tax liability for a corporation with a taxable income of $18,635,067, we look at the rate structure provided. For incomes above $18,333,333, the tax rate is a flat rate of 35%. To calculate the tax liability:
Subtract the lower limit of the range (10,000,000) from the income (18,635,067) to get the taxable income (8,635,067).
Multiply the taxable income by the tax rate (35% or 0.35) to get the tax liability.
Therefore, the corporation would have a tax liability of 35% of their taxable income. Doing the math:
$18,635,067 x 0.35 = $6,522,273.45.
When we round to the nearest whole number, the tax liability would be $6,522,273.
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