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During a recent IRS audit, the revenue agent decided that the Parker family used their...

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Accounting

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During a recent IRS audit, the revenue agent decided that the Parker family used their closely held corporation, F shareholder tax by accumulating earnings beyond the reasonable needs of the business. Falco's taxable income was $810,000, it paid no dividends, and it had no business need to retain any income. Falco's marginal tax rate is 34 alco, to avold accumulated earnings tax assuming that a. It had accumulated $4 million after-tax income in prior years. b. It had accumulated $121,000 after-tax income in prior years. Complete this question by entering your answers in the tabs below. Requted A Required B Compute Falco's accumulated earnings tax assuming that it had accumulated $4 million after-tax income in prior dollars.) ate values in dollars and not in millions. Enter your answer also in dollars and not in millions of ed earnings tax Roquired A Required B>

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