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July 24, 2014

Homework Help: Math

Posted by Q on Wednesday, October 17, 2012 at 8:55pm.

For a class C corporation in Louisiana, the amount of state income tax S is deductible on the federal return and the amount of federal income tax F is deductible on the state return. With $200,000 taxable income and a 30% federal tax rate, the federal tax is 0.30(200,000 - S). If the state tax rate is 6% then the state tax satisfies S = 0.06(200,000 - 0.30(200,000 - S)). Find the state tax S and the federal tax F.

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