Chapter 2 Q. 2-7 The Talley Corporation had a taxable income of$365000 from oper

Chapter 2 Q. 2-7 The Talley Corporation had a taxable income of$365000 from operations after all operating costs but before (1)interest charges of $50000 (2) dividends received of $15000 (3)dividends paid of $25000 and (4) income taxes. What is the firmsincome tax liability?