Kisco Corp.'s taxable income for 2015 before taking the dividends received deduction was $70,000. This includes $10,000 in dividends from a 15%-owned taxable domestic corporation. Given the following tax rates, what would Kisco's income tax be before any credits?
Taxable income partial rate table / Tax rate
Up to $50,000 / 15%
Over $50,000 but not over $75,000 / 25%
a. $10,000
b. $10,750
c. $12,500
d. $15,750
Answer: B
Tax
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