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Thank you Jax Tax. You have given me what I was hoping for. I understand the general qualifications you state so I'm OK with them....I do not understand, however, how filing with Form 1120 can lead to an income tax of $139,250 that would be an overall tax rate of 46%!!!
Dear Jax Tax...I fear something else is not correct. The income was $300,00, and $50,000 is at the 15% rate, that leaves $250,000 to be taxed at some other rate that I understand might be 39%. Correct, that is another question! :-) Please confirm...
Yes - that is correct