xpense excluding depreciation of $102,000 were $404,000, and the firm paid $152,000 in interest on its bank loads. Also the corporation received $45,000 in dividend income (from a company in which it owned less than 20 percent of its shares) but paid $20,000 in the form of dividend to its own common stockholders. Use the corporate tax rates to calculate the corporation tax liability. What are the firm average and marginal tax rates?