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Franchise Tax = 25% of $100, of tax payer's net worth
net worth= $2,500,000
Franchise Tax = 25% * $2,500,000
Excise Tax = 6.5% of federal Taxable income plus minus adjustments required.
Federal taxable income= $1,200,000
Deductions for Tn tax taken for fedral =$60,000
Excise Tax = 6.5% OF ( $1,200,000 - $ 60,000)
= $ 74,000
Calculate TN Franchise and Excise tax: Given the following: Book value of property 3000.000 Real estate...