Bamboo Corporation reported taxable income of $1,000,000 in 20X3. Bamboo paid a dividend of $100,000...
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Bamboo Corporation reported taxable income of $1,000,000 in 20X3. Bamboo paid a dividend of $100,000 to its sole shareholder, Mary Poppins. Bamboo Corporation is subject to a flat rate tax of 34%. The dividend meets the requirements to be a "qualified dividend" and Mary is subject to a tax rate of 15% on the dividend. What is the total federal income tax imposed on the corporate income earned by Bamboo and distributed to Mary as a dividend
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