Your corporation has the following cash flows:
| Operating income | $250,000 |
| Interest received | $10,000 |
| Interest paid | $45,000 |
| Dividends received | $20,000 |
| Dividends paid | $50,000 |
If the applicable income tax rate is 40% (federal and state combined), and if 70% of dividends received are exempt from taxes, what is the corporation’s tax liability?
a. $83,980
b. $88,400
c. $92,820
d. $97,461
e. $102,334
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