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Retained earnings formula?
Talley Corporation had a taxable income of $1,000,000 from operations after all operating costs but before (1) interest charges of $100,000, (2) dividends received of $60,000, (3) dividends paid of $80,000, and (4) income taxes. Calculate the company's income tax liabilities, and its after-tax income. Assume a tax rate of 35 percent.
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