1a. Ulmus Corporation has $1,230,000 in taxable income for the current tax year. Calculate the corporation’s income tax liability for the current tax year. (Use table 11.1)

1b. For its current tax year, Ilex Corporation has ordinary income of $240,000, a short-term capital loss of $60,000, and a long-term capital gain of $20,000. Calculate Ilex Corporation’s tax liability for the current year.