Goliath Supplies Inc. (a C Corp) reports total net income of $500,000 in 2020. This...
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Goliath Supplies Inc. (a C Corp) reports total net income of $500,000 in 2020. This includes $25,000 of income from 3.00% Jackson County municipal bonds (muni bond interest is not taxable). Thus, the Corporations taxable income is equal to $475,000. There is no tax rate
- What is Goliaths tax liability for 2020?
- What are Goliaths marginal, average and effective tax rates, respectively?
- If equivalent taxable bonds pay 4.50% interest, what is the implicit tax rate for the Jackson County bonds? (see handout for Implicit Tax Rate)
- Did Goliath make a good choice to invest in the municipal bonds instead of the taxable bonds?
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