LuxAir Incorporated (LA) has book income of $160,000. Included in this figure is income generated...
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LuxAir Incorporated (LA) has book income of $160,000. Included in this figure is income generated from ownership in Jet Repair Corporation (JRC), of which LA owns 30 percent. JRC has $270,000 in earnings for the year and pays $32,000 in dividends to LA. Assuming accounting for the investment in JRC (income from JRC and the DRD) are its only booktax differences, what is LA's tax liability for the year?
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